Trump plans new tariffs on Mexico, Canada, and China on first day in office

President-elect Donald Trump has announced plans to impose new tariffs on Mexico, Canada, and China starting on his first day in office. He stated that these tariffs would remain until illegal immigration and drug trafficking, particularly fentanyl, are addressed. Trump proposed a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on Chinese goods. This move aims to combat what he describes as an "invasion" of drugs and illegal migrants, despite recent data showing a decline in border crossings. The potential tariffs could significantly impact prices for various goods in the U.S. and challenge the economies of Canada and Mexico. The situation raises questions about the future of the trade deal established in 2020, which is set for review in 2026.