Trump plans significant tariffs on imports from Canada, Mexico, and China

President-elect Donald Trump plans to impose significant tariffs on imports from Canada, Mexico, and China, starting with a 25% tax on goods from the first two countries and a 10% tax on Chinese products. This move aims to address illegal immigration and drug trafficking. Economists express concern that these tariffs could raise prices for consumers and disrupt supply chains, particularly affecting energy, automobiles, and food supplies. They note that while tariffs are intended to protect U.S. manufacturers, they often lead to higher costs for American companies and consumers. The Biden administration has maintained some tariffs from the previous administration, reflecting a broader shift away from free trade policies. This change has been driven by the loss of manufacturing jobs and increasing competition from China.