Trump plans new tariffs on imports from Mexico, Canada, and China if re-elected

Donald Trump plans to impose significant new tariffs on imports from Mexico, Canada, and China if he takes office again. He has proposed a 25% tariff on goods from Mexico and Canada, linked to immigration issues, and a 10% tariff on Chinese imports related to fentanyl production. In contrast to his first term, when tariffs had a limited economic impact, these new proposals could generate around $266 billion in tax collections. This raises concerns about potential price increases for U.S. consumers and retaliatory actions from affected countries. Democrats and business groups are warning about the risks of escalating inflation and are proposing legislation to limit a president's ability to impose such tariffs unilaterally. The situation has created uncertainty as companies and countries await further details on Trump's tariff plans.