U.S. businesses are bracing for the impact of President Trump's new tariffs on Canadian and Mexican goods.

After months of threats and pushed deadlines, Trump said Monday he would go ahead with implementing import taxes of 25 percent on goods from Canada and Mexico. The new tariffs, set to take effect Tuesday, would mark a drastic turning point in the relationships between the U.S. and its two closest trading partners.

Asked whether there was any opportunity for more negotiations with top U.S. trading partners Canada and Mexico before the tariffs are announced, Trump said there wasn’t. He originally promised the tariffs for Jan. 20 and then early February.

But the back-and-forth nature of Trump's tariff threats have left business leaders holding their breath, plotting major changes in case the president opens a North American trade war.

This latest policy reversal has led to uncertainties in corporate boardrooms about where companies should be investing.

“As with other Trump tariff announcements so far, it’s hard to know if this is a bluff or a genuine turn in policy,” J.P. Morgan U.S. economist Michael Feroli and others wrote in a Monday analysis.

“Alternatively, at least the Canada and Mexico tariffs could get delayed again until after April 1, when the administration is set to publish the trade report the Trump asked for in his first day executive order.”

Canadian Prime Minister Justin........

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