Trump plans 25% tariff on imports from Canada and Mexico

Donald Trump announced plans to impose a 25% tariff on all imports from Canada and Mexico via Truth Social. This marks a significant increase from his previous proposal of a 10% tariff during his election campaign. The Canadian Chamber of Commerce estimates that a 25% tariff could reduce Canada's economy by 2.6%, equating to about $2,000 per person. Both Canada and Mexico are likely to retaliate, as seen in past trade disputes. Trump's tariff proposal may face opposition within the U.S. due to the strong economic ties with Canada, which involve $3.6 billion in daily trade. The potential violation of the Canada-United States-Mexico Agreement could lead to legal challenges, but any resolution would take time.