The European Union and Mexico revived a stalled free trade agreement on Friday, days before the return to the White House of Donald Trump, who has threatened both sides with tariffs.

President Donald Trump’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.

Canada is seeking to coordinate with the UK, EU and Mexico on US President Donald Trump's threatened tariffs, Foreign Minister Melanie Joly said Monday ahead of a trip to Washington. She told reporters in Ottawa she has been in contact with her Mexican counterpart and would reach out this week to British officials and representatives of the 27-nation European Union.

President Donald Trump's nominee to run the Commerce Department, Howard Lutnick, said on Wednesday that Canada and Mexico can avoid looming U.S. tariffs if they act swiftly to close their borders to fentanyl,

President Donald Trump's commerce secretary nominee Howard Lutnick said at his U.S. Senate confirmation hearing on Wednesday (January 29) that Canada and Mexico can avoid looming tariffs if they act swiftly stop the flow of fentanyl into the U.

U.S. President Donald Trump's press secretary says the plan to slap Canada with punishing tariffs on Saturday is still in play.