KEY TAKEAWAYS President Donald Trump said he would go ahead with plans to impose 25% tariffs on imports from the U.S.'s two largest trading partners, Canada and Mexico, on Saturday.Trump said Thursday that the tariffs are aimed at getting Ottawa and Mexico City to stem the flow of drugs and migrants into the U.

The federal government is planning a multibillion-dollar, pandemic-style bailout for workers and businesses if U.S. President Donald Trump follows through on his threat to impose 25-per-cent tariffs on Canadian goods as early as Feb. 1, two sources say.

Mr. Trump and the White House have repeatedly said they intend to impose tariffs on Canada and Mexico on Saturday, prompting a renewed effort by the Canadian government to seek relief that included a multiday visit to Washington by Foreign Minister Mélanie Joly, who met Wednesday with Secretary of State Marco Rubio.

US President Donald Trump said he expected to decide Thursday whether to include crude oil imports in tariffs on Canada and Mexico that are due to take effect within days. Canada and Mexico supplied more than 71 percent of US crude oil imports in 2023,

Trump's order says that the report on trade with Canada is not due until April 1. But the president has not backed away from his tariff threat and has repeatedly suggested the duties would come on Feb. 1.

Crude oil prices fluctuated amid concerns over U.S. tariffs on Canadian and Mexican imports but are set to end the week lower.

Canadian Foreign Minister Melanie Joly said on Monday she would soon be talking to counterparts in allied nations in a bid to fend off tariffs that U.S. President Donald Trump is threatening to impose.

Since his re-election in November, Trump has repeatedly said he would hit Canada and others with tariffs of up to 25 per cent. On his first day back in the Oval Office, Trump suggested tariffs on Canadian goods could be coming on Saturday.

With less than 24 hours before President Donald Trump's deadline to impose sweeping tariffs on the three biggest US trading partners -- Canada, Mexico and China -- the global economy is bracing for impact.

Human smuggling networks continue to operate along Quebec's border with Vermont and New York state despite winter conditions and increased law enforcement, according to U.S. Federal Court records about two incidents over the past weekend.

Howard Lutnick, Trump's pick for U.S. commerce secretary, said tariffs will 'create reciprocity, fairness and respect' for the U.S. and will not be inflationary for Americans.

NDP Leader Jagmeet Singh said Thursday that Prime Minister Justin Trudeau should recall Parliament to pass legislation to protect workers and businesses if U.S. President Donald Trump goes ahead with tariffs on Canadian goods as promised.