A Trump administration official said the president was reviewing the plans on Friday and may allow some exemptions.

U.S. President Donald Trump is expected to announce new tariffs against Canada and Mexico starting on March 1 but will include a process for countries to seek specific exemptions for certain imports, three people familiar with the planning told Reuters.

The sources, who asked not to be identified because they are not authorized to speak publicly on the matter, said they had no details on a final tariff rate but noted that Trump has consistently said he plans to impose a 25% tariff on imports from the two countries on Saturday.

Separately, an official said Trump was reviewing tariff plans on Friday, which could allow for some exemptions. However, they would be "few."

While the announcement of tariffs could roil financial markets and strain U.S. relations with its two largest trading partners, offering a 28-day window before implementation and a process for waivers would suggest a more careful approach from the Trump administration.

It would also give Mexico and Canada time to implement measures to comply with the president's demands.