Companies, consumers and farmers across North America braced on Friday for U.S. President Donald Trump to impose 25% tariffs on Canadian and Mexican imports within hours, moves that could disrupt nearly $1.

With a decision on oil imminent, the U.S. President repeated his three reasons for imposing tariffs: illegal migration, fentanyl smuggling across the border and imbalances on trade

Trump cited illegal immigration, smuggling of drugs and the massive subsidies that the US gives to Canada and Mexico in the form of deficits as the reasons for the tariffs.