Canada's outgoing prime minister and the leader of the country's oil rich province of Alberta are both confident Canada can avoid the 25% tariffs President Donald Trump says he will impose on Feb. 1.

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.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.