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

President-elect Donald Trump plans to impose new tariffs on all imported goods from China, Mexico, and Canada starting on Inauguration Day. He aims to implement these tariffs through executive order, fulfilling a key campaign promise. The proposed tariffs include a 25% tax on goods from Mexico and Canada, and a 10% tax on Chinese imports. This would impact approximately $1.5 trillion in North American trade and around $600 billion in trade with China. The exact effects on American consumers remain uncertain, but economists suggest that prices for essential items like groceries, cars, and electronics could increase.