Trump plans new tariffs on Mexico, Canada, and China starting in 2025

President-elect Donald Trump plans to impose new tariffs on Mexico, Canada, and China starting in 2025. He announced a 25% tax on products from Mexico and Canada and a 10% tax on goods from China as part of his first executive orders. Tariffs are taxes on imported goods that importers pay, often leading to higher prices for consumers. Historically, tariffs were a major source of U.S. government revenue until the mid-20th century, when trade agreements aimed to reduce them. Trump's proposed tariffs aim to address issues like illegal immigration and drug trafficking. The Biden administration has maintained many of the tariffs from Trump's first term while introducing additional ones.