Trump announces 25 percent tariff on Canadian and Mexican products starting January 2025

Donald Trump plans to impose a 25 percent tariff on all products from Canada and Mexico, effective on his first day in office, January 20, 2025. He announced this on Truth Social, citing border security concerns. The tariffs will remain until both countries address issues related to drug trafficking and illegal immigration. Trump stated that Canada and Mexico will "pay a very big price" until these problems are resolved. This move raises concerns about significant economic impacts, particularly for Canada, which relies heavily on U.S. trade. A report suggests that even a 10 percent tariff could cost Canada $30 billion.