Canada says it is ready to respond if Trump follows through with imposing sweeping tariffs Feb. 1

TORONTO — Top Canadian ministers said Monday that Canada will be ready to retaliate after President Donald Trump said he was thinking of imposing a 25% tariff on Canada and Mexico on Feb. 1.

Trump has been threatening to impose sweeping tariffs on Canada, Mexico and other trading partners.

''We're thinking in terms of 25% on Mexico and Canada,'' Trump said late Monday night in the Oval Office. ''I think February 1st.''

The timeline of possible tariffs remains in question. Trump signed an executive order requesting a report coordinated by the Secretary of Commerce by April. 1.

Trump pledged in his inaugural address that tariffs would be coming and said foreign countries would be paying the trade penalties, even though those taxes are currently paid by domestic importers and often passed along to consumers.

Canadian Foreign Minister Mélanie Joly said they ''will continue to work on preventing tariffs'' but said they are also ''working on retaliation.''

Canadian Finance Minister Dominic LeBlanc said Trump can be unpredictable.

Canadian leaders earlier expressed relief the tariffs were not imposed on the first day of Trump taking office.

Canada is one of the most trade-dependent countries in the world, and 75% of Canada's exports, which include automobiles and parts, go to the U.S.

Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border each day.

Despite Trump's claim that the U.S doesn't need Canada, a quarter of the oil America consumes per day is from there.