12:43 PM EST, 01/31/2025 (MT Newswires) -- U.S. President Donald Trump may delay a promised 25% tariff on imports from Canada and Mexico to March 1, Reuters reported on Friday, a day after he promised to begin the levies on Feb.1.

Citing three unnamed sources familiar with the matter, the news agency said the delay will include a provision to allow the two countries to "seek specific exemptions for certain imports".

Trump on Thursday said the tariffs would be put in place on Saturday, while he is still considering whether to exempt oil imports. Canada is the largest source of U.S. oil imports, supplying about 20% of U.S. demand.

"While the announcement of tariffs may roil financial markets and strain the U.S. relationship with its top two trading partners, offering a 28-day window before implementation and a process for exemptions would suggest a more careful approach by the Trump administration," Reuters reported.

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