Trump plans 25% tariff on Canadian goods starting January 20

President-elect Donald Trump announced plans to impose a 25% tariff on goods from Canada and Mexico, along with a 10% tariff on Chinese imports. He cited concerns over illegal immigration and drug trafficking in his posts on Truth Social. Trump's tariffs will take effect on January 20, his inauguration day. He stated that these measures are necessary to address what he describes as rising crime and drug issues linked to border crossings. Elon Musk, a supporter of Trump, noted that the tariffs could increase the price of fentanyl. Musk may also see an opportunity to respond to Canada’s recent tariffs on Chinese electric vehicles, which affected Tesla's imports.