Following his inauguration, Trump imposed a Feb. 1 deadline for both countries to begin complying with his border and immigration policies or risk the tariffs.
The remarks come amid ongoing discussions between the Trump administration and Mexican and Canadian officials.
A 2022 report found that Canada is not a major source of fentanyl or precursor chemicals to the U.S. The amount is minuscule compared with what comes in from Mexico.
Senators came together to reintroduce a bipartisan bill that would permanently classify fentanyl as a Schedule I controlled substance.