President Trump said Monday that Canada and Mexico have “no room left” for talks to avoid 25% tariffs on imports — with those duties set to begin at midnight. “On the tariffs, is there any room left for Canada and Mexico to make a deal before midnight?

“Tomorrow, tariffs -- 25% on Canada and 25% on Mexico. And that'll start,” Trump told reporters at the White House. According to Trump, the purpose of the tariffs is to compel the US’s two neighbors to intensify their efforts to combat the trafficking of fentanyl into the country.

Trump's threats to put tariffs on imports from Canada and Mexico have weighed on markets, even though there has been considerable uncertainty over whether he would make good on his threat.