Trump plans new tariffs on imports from Canada, Mexico, and China

President-elect Donald Trump plans to impose significant tariffs on imports from Canada, Mexico, and China, starting with a 25% tax on goods from Canada and Mexico and a 10% tax on Chinese products. He claims this will address illegal immigration and drug issues. Economists express skepticism about the effectiveness of these tariffs, warning they could raise prices for consumers and hurt various sectors, including energy and food supplies. They note that tariffs are typically paid by American importers, who may pass costs onto consumers. The Biden administration has maintained some tariffs from the previous administration, reflecting a broader shift away from free trade policies. This change has been driven by concerns over job losses linked to global trade practices, particularly with China.