Trump plans 25% tariff on Canadian and Mexican products on first day in office

President-elect Donald Trump announced plans to impose a 25% tariff on all products from Canada and Mexico on his first day in office. He also intends to add a 10% tariff on goods from China. Trump stated that these tariffs would remain until Canada and Mexico address issues related to drug trafficking and illegal immigration. He criticized China for not doing enough to stop the flow of illicit drugs into the U.S. Following Trump's announcement, the U.S. dollar rose over 2% against the Mexican peso. Responses from the Mexican government and Canadian officials were not immediately available.