Trump plans new tariffs on Mexico and Canada if re-elected

Donald Trump plans to impose significant tariffs on imports from Mexico, Canada, and China if he takes office again. He has announced a 25% tariff on goods from Mexico and Canada until they address illegal immigration and drug trafficking. This approach marks a shift from his first term, where tariffs had limited economic impact. The proposed tariffs could generate around $266 billion in tax collections, raising concerns about potential price increases for U.S. consumers and businesses. House Democrats are responding by introducing legislation to limit a president's ability to impose such tariffs unilaterally. Meanwhile, both Mexico and Canada are considering retaliatory measures if Trump follows through on his plans.