President Donald Trump's tariffs on Mexico and Canada could take effect next month, with consumers likely to see prices rise for several types of products if they move forward.

President Donald Trump has temporarily suspended stiff new tariffs on Canada and Mexico, easing the fears of homebuilders who had warned the measures could raise the cost of key building materials used in home construction.

The Trump administration has said the tariffs are a strategy to gain leverage on immigration and drug enforcement policies at the U.S.-Mexico border.