Trump announces tariffs on imports from Mexico, Canada, and China

President-elect Donald Trump plans to impose new tariffs on goods from Mexico, Canada, and China starting on his first day in office. He announced a 25% tax on imports from Mexico and Canada, and a 10% tax on Chinese goods. Economists warn that these tariffs could lead to higher prices for American consumers, affecting costs on various products. The U.S. is the largest importer globally, with Mexico, Canada, and China as its top suppliers. The announcement has already impacted markets, with the Canadian dollar dropping sharply. A Chinese spokesperson cautioned that the tariffs could lead to a trade war, echoing concerns from Trump's previous term when retaliatory tariffs were implemented.