Trump plans new tariffs on Mexico, Canada and China starting January 20

President-elect Donald Trump has announced plans to impose new tariffs on Mexico, Canada, and China starting January 20. He proposed a 25% tariff on goods from Mexico and Canada, and a 10% tariff on Chinese products, citing concerns over illegal immigration and drug trafficking. Trump's statements come despite recent data showing a decline in illegal border crossings from Mexico. He emphasized that the tariffs would remain until drug trafficking, particularly fentanyl, is addressed. The Canadian government has responded, indicating ongoing discussions with Trump about trade and border security. The proposed tariffs could significantly impact prices for American consumers and challenge the economies of Canada and Mexico. The Canadian dollar weakened following Trump's announcement, and officials are preparing for potential negotiations with the incoming administration.