UPDATED: Trump says decision on oil tariffs to be made Thursday night

President Donald Trump on Thursday confirmed his intention to impose 25% tariffs on Canadian and Mexican goods as of this Saturday, February 1.

The president said his team will decide if they will impose a separate tariff on Canadian oil and gas Thursday night.

When a reporter asked if oil will be part of the imminent tariffs on Canadian goods, “because we get oil from Canada,” Trump said, "Oil has nothing to do with it, as far as I’m concerned. Oil has nothing to do with it.”

“So no oil tariffs,” asked a reporter?

“I didn’t say that, you said that,” replied Trump.

“We may or may not, we’re going to make that determination probably tonight, on oil.”

“Because [Canada] sends us oil. We’ll see, it depends on the price. If the oil is properly priced, if they treat us properly — which they don’t."

“Look, Mexico and Canada have never been good to us on trade. They’ve treated us very unfairly on trade. And we’ll be able to make up for that very quickly. Because we don’t need the products they have — we have all the oil, all the trees, we need.”

“We don't need what they have.”

“For us to be subsidizing Canada to the tune of $175 billion a year, and subsidizing Mexico to the tune of $250 billion, $300 billion a year (is unreasonable),” Trump told reporters after signing a string of executive orders.

Trump since November has threatened to impose 25% tariffs on Canadian and Mexican goods until America's northern and southern neighbours gained control of their weak borders.

The president has cited rampant drug trafficking, and the "flooding" of illegal immigrants into the US from Canada and Mexico.

“We’ll be announcing the tariffs on Canada and Mexico for a number of reasons,” said Trump on Thursday afternoon.

“Number one is the people that have poured into our country, so horribly and so much."

‘Number two are the drugs, fentanyl and everything else that have come into the country."

“Number three are the massive subsidies that we’re giving to Canada and Mexico in the form of deficits."

“I’ll be putting the tariff of 25% on Canada, and separately, 25% on Mexico," confirmed the president.

"We’re going to have to do that, we have very big deficits with those countries."

"Those tariffs may or may not rise with time."