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I'm Taylor Riggs, and this is the Fox Business Rundown.

Friday, January 31st, 2025, we are just one day out from that February 1st deadline when President Trump has said his administration will place 25% tariffs on imports from

Canada and Mexico.

In whatever form, they take shape on Saturday,

any sort of lofty tariffs promised to transform U.S. trade relationships.

They really do need us more than we need them.

You know, they need us, just like we're buying a lot of oil from them,

they need us to buy that oil, too.

On Thursday, President Trump reemphasized the tariffs are coming for both Canada and Mexico,

saying that both countries have treated us very unfairly when it comes to trade.

Now, if you'll remember, in the weeks following President Trump's election victory,

this was a promise he was making, an executive order,

to levy tariffs on two of our nation's biggest trading partners. Partners, who the Trump administration

say need to be reminded to trade their fair share. Trump has also said that this would be a

punitive tariff for all of the illegal immigration coming through our borders with Mexico and Canada.

This would be another example of the president delivering quickly on promises in his first 100 days.

But what exactly these tariffs look like is a constantly developing story,

...