CHICAGO (WLS) — President Trump didn’t take action on day one to impose tariffs, but they could possibly come as soon as February 1st.

ABC7 Chicago is now streaming 24/7. Click here to watch

Tariffs would apply to products imported from key trade partners such as Canada, Mexico and China.

Speaking virtually to the World Economic Forum on January 23rd, Trump offered low taxes for businesses that make their products in the U.S.

“If you don’t make your product in America, which is your prerogative, then very simply you will have to pay a tariff,” Mr. Trump said. “Differing amounts, but a tariff which will direct hundreds of billions of dollars and even trillions of dollars into our treasury to strengthen our economy and pay down debt.”

Robert Gulotty, Associate Professor in the Political Science Department at the University of Chicago and Lou Sandoval, President and Chief Executive Officer of the Illinois Chamber of Commerce joined ABC7 to discuss the president’s threatened tariffs and their possible impact on Illinois.

“Even threats can have economic consequences,” Gulotty said. “Already we’re beginning to see firms adjust. Trying to move production to places that are safer and not exposed to these tariffs.”

“If you go just off the nationalistic policy that he’s kind of campaigned on… there’s this ‘America first’ principle that he’s kind of operating off of,” said Sandoval. “It is a negotiation tactic, you know, in my opinion.”

Sandoval added that Illinois businesses are waiting to see how these threatened tariffs play out and then what is going to be implication for business and for consumers.

Gulotty said some companies are moving production, it may be difficult for them to avoid tariffs.

“Back in the first Trump administration we saw firms moving, for example, away from China toward Vietnam in order to avoid the tariffs that were specific to China. Now, to counteract that, Trump’s advisors have suggested that they’re going to do global tariffs. Not just against Mexico, Canada and China, but against the entire world to avoid this sort of movement of production to avoid them.”

So, what Illinois industries could be most impacted by retaliatory tariffs against U.S. made products including some from Illinois.

Sandoval explained which would be most impacted: “The ag industry specifically. You know, automotive would be impacted immensely. “