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.

Peter Morrow, an associate professor of economics at the University of Toronto, said it is premature for Canada to impose retaliatory tariffs. U.S. President Donald Trump’s looming threat of tariffs is a ticking clock on Canada to make a move but some experts believe that imposing retaliatory tariffs would be premature and potentially detrimental.