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

President-elect Donald Trump announced plans to impose significant tariffs on Mexico, Canada, and China starting on his first day in office. He proposed a 25% tariff on goods from Mexico and Canada, and a 10% tariff on Chinese products. These tariffs aim to address illegal immigration and drug trafficking, particularly fentanyl. The U.S. is the largest importer globally, with these three countries as its top suppliers. The tariffs could lead to higher prices for American consumers on various goods. Canadian officials have expressed concern, noting the potential economic impact. The Canadian dollar weakened following Trump's announcement. It remains unclear how Trump would legally implement these tariffs under existing trade agreements.