When Donald Trump promised 25 percent tariffs on all Canadian exports a few months ago, many hoped it was bluster. Turns out, it might have been—but then again, maybe not.

Following his swearing-in and second inaugural address, the president directed the goverment to investigate trade policies and relationships, and “remedy persistent trade deficits.”

He initially stopped short of across-the-board tariffs, omitting mention of Canada in his address, though later in the day declared February 1 as the day tariffs will be imposed on Canada.

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