Canada’s prime minister said it’s “in the interest of Canadians as well as Americans” to strengthen border security and raised concern about the rising volume of illegal guns and drugs flowing north from the US.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

U.S. President Donald Trump on Monday said he was thinking of imposing 25% tariffs on imports from Canada and Mexico because they were allowing many people to cross the border as well as fentanyl.