Trump plans new tariffs on Mexico, Canada, and China before taking office

Donald Trump has announced plans to impose new tariffs on the U.S.'s three largest trading partners: Mexico, Canada, and China. He intends to apply a 25% tariff on goods from Mexico and Canada and a 10% increase on existing tariffs on Chinese imports. This move comes before he officially takes office and is linked to issues like illegal immigration and drug imports. The tariffs could violate the USMCA trade agreement and may harm the economies of all three countries, including the U.S. If implemented, these tariffs could disrupt the U.S. auto industry and raise consumer prices for various goods, including food and fuel. The potential for retaliatory tariffs could further impact economic growth and inflation in the U.S.