Momentum is growing among President Trump’s advisers to place 25% tariffs on Mexico and Canada as soon as Saturday, bucking conventional wisdom in Washington and on Wall Street that he would back off the threatened levies as he has in the past in exchange for concessions.

The Mexican peso depreciated in international trade after U.S President Donald Trump announced he would impose tariffs on Colombia, reviving concerns about his trade policy. The currency, one of the most liquid currencies globally,

President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers.