Trump plans 25 percent tariffs on Mexico and Canada, experts warn of rising costs for Americans

Donald Trump announced plans to impose 25 percent tariffs on all products from Mexico and Canada, escalating trade tensions. He also threatened an additional 10 percent tariff on Chinese goods. Experts estimate these tariffs could cost American consumers up to $3,200 annually. The proposed tariffs aim to address issues related to migration and drug trafficking. In response, leaders from Mexico and Canada warned of potential retaliation, while China rejected claims regarding drug exports. The situation has caused fluctuations in global markets. Despite the tariff threats, U.S. stock markets reached record highs, with investors viewing Trump's statements as negotiation tactics. Analysts noted that the tariffs could lead to higher prices for various consumer goods, impacting lower-income households more significantly.