Trump plans 25% tariffs on Canada and Mexico starting January 20

Donald Trump, the U.S. President-elect, plans to impose a 25% tariff on all products from Mexico and Canada starting January 20. He cites illegal immigration and drug trafficking as reasons for this move, which may violate the US-Mexico-Canada Agreement. Trump also intends to add a 10% tariff on goods from China, claiming the country is not doing enough to stop drug trafficking. This marks a significant escalation from previous tariffs and could impact trade relations. The announcement has already affected currency values, with the dollar rising against the Mexican peso and Canadian dollar. Economists warn that these tariffs could lead to higher import costs and inflation in the U.S.