Finance Minister Dominic LeBlanc says Donald Trump's suggestion that he will impose sweeping tariffs on Canada on Feb. 1 is "nothing new," and insists Canada has plans ready for several possible scenarios.

Canadian leaders expressed relief that broad tariffs were not applied to Canadian products on the first day of Donald Trump’s presidency.

Trump said in an Oval Office signing ceremony on Monday that his administration will impose a 25% tax on goods from Canada and Mexico that may come as soon as February 1 – a move that could raise prices for American consumers.

President Trump opted against deploying a blanket tariff against U.S. trading partners, but kept the heat on Canada and Mexico.

As the President wields the threat of import duties, Canadian Foreign Minister Mélanie Joly said the country is working to avoid tariffs, but is also 'working on retaliation.'