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

President-elect Donald Trump plans to impose tariffs of 25% on imports from Mexico and Canada, and 10% on goods from China. This marks a shift from the current trade agreements, potentially impacting prices and trade relations. Tariffs are taxes on imported goods, paid by the importers to the U.S. Treasury. They can raise costs for consumers as businesses often pass these costs onto customers, which may lead to higher prices for imported products. Trump's previous tariffs targeted steel and aluminum, and he replaced NAFTA with the USMCA. If implemented, the new tariffs could affect inflation and trade dynamics, especially if other countries retaliate.