12:47 PM EST, 03/07/2025 (MT Newswires) -- (Updates with additional details throughout the story.)

The United States may impose matching tariffs on Canadian lumber and dairy products as early as Friday to match Canada's current tariffs on US goods, Bloomberg reported Friday, citing US President Donald Trump.

"They'll be met with the exact same tariff unless they drop it, and that's what reciprocal means," Trump reportedly said in the Oval Office.

His remarks reportedly followed a decision to delay the planned 25% tariff on certain Mexican and Canadian products until April.

Trump wants to address what he calls Canada's restrictive practices on US lumber and dairy, the media outlet reported.

The administration is preparing a system to apply certain tariffs on various countries, mirroring each nation's tariffs or other barriers on American products, according to Bloomberg.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)