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

Donald Trump plans to implement 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 until they address illegal immigration and drug trafficking. In contrast to his first term, when tariffs had a minimal impact on the economy, these new proposals could generate around $266 billion in tax collections. This raises concerns about potential price increases for consumers and retaliatory measures from affected countries. Democrats and business groups are warning that these tariffs could lead to higher prices for everyday goods. They have introduced legislation to limit a president's ability to impose such tariffs unilaterally, although it may face challenges with the upcoming Republican majority in Congress.