(fxcue news) - Canadian shares are likely to open lower on Tuesday on weak commodity prices and concerns about U.S. President Donald Trump's plans to impose 25% tariffs on goods imported from Canada from February 1. Data on inflation is likely to make a significant impact as well. On Day 1 of his second term in office, Trump revealed plans to impose 25% tariffs on import of goods from Mexico and Canada. At a signing ceremony at the Oval Office after swearing in on Monday, he said the new tariff will come into force on February 1 in an effort by his administration to force the neighboring countries to crack down on illegal immigration and drug Canadian inflation data for the month of December is due at 8:30 AM ET. The annual inflation rate in Canada eased to 1.9% in November from a 2% reading a month earlier. The annual core inflation rate in Canada eased to 1.6% in November, down from 1.7% in the prior month. The Canadian market closed higher on Monday, extending gains to a fifth straight session, reacting to news that the Trump administration will hold off on imposing trade tariffs for now. The benchmark S&P/TSX Composite Index, which climbed to 25,245.78, ended with a gain of 103.66 points or 0.41% at 25,171.58. Asian stocks ended mixed on Tuesday as U.S. President Donald Trump announced plans to impose 25% tariffs on imports from Canada and Mexico, and said tariffs on China could hinge on a deal over TikTok's ownership. European stocks are turning in a mixed performance with investors assessing Trump's policy moves and their potential impact on international trade and economic growth. In commodities, West Texas Intermediate Crude oil futures are down $1.91 or 2.45% at $75.97 a barrel. Gold futures are down $12.00 or 0.42% at $2,736.70 an ounce, while Silver futures are down marginally at $31.110 an ounce.