Trump plans major tariffs on Mexico, Canada and China on first day in office

President-elect Donald Trump announced plans to impose significant tariffs on Mexico, Canada, and China starting on his first day in office. He proposed a 25% tariff on goods from Mexico and Canada, and a 10% tariff on Chinese products. These tariffs aim to address illegal immigration and drug trafficking, particularly fentanyl. The U.S. is the largest importer globally, with these three countries as its top suppliers, raising concerns about potential price increases for American consumers. The Canadian government responded to Trump's statements, emphasizing the importance of their trade relationship. Meanwhile, China warned that a trade war would negatively impact all parties involved.