Trump, on his first day in office, suggested he may do just that. Trump has threatened to impose 25% tariffs on all goods from Canada and Mexico on February 1 in response to what he views as inadequate border security failing to stop drugs and migrants from coming into the United States.

The president's pledge to slap 25 percent tariffs on Canada and Mexico could see the prices of goods soar for U.S. consumers.

In his address to the World Economic Forum, U.S. President Donald Trump threatened to impose tariffs on non-U.S. manufactured products. Secretary General of the International Chamber of Commerce UK Chris Southworth tells Eleni Giokos what this could mean for consumers,

Trump told the world's business elite at the World Economic Forum's annual meeting in Davos, Switzerland, via video conference on Thursday that the European Union treated the U.S.