Trump plans 25% tariffs on Canada and Mexico and increases levies on China

President-Elect Donald Trump announced plans to impose a 25% tariff on all products from Canada and Mexico, effective January 20. This measure aims to address drug trafficking and illegal immigration, which he claims are at unprecedented levels. Trump also stated that China will face an additional 10% tariff on its products due to ongoing drug issues, particularly fentanyl. He criticized China for not taking effective action against drug dealers despite previous promises. The announcement led to a rise in the U.S. dollar and declines in the Mexican peso and Canadian loonie. Stock markets in Japan, Australia, and South Korea also fell, while U.S. futures showed modest gains.