Trump plans significant tariffs on imports from Mexico, Canada, and China starting January 20

Donald Trump has announced plans to impose significant tariffs on imports from Mexico, Canada, and China starting on January 20. He stated he would charge a 25% tariff on goods from Mexico and Canada and an additional 10% on Chinese products. These tariffs are expected to raise prices for American consumers on a wide range of goods, including clothing, toys, and appliances. Studies suggest that the overall cost increase could reduce American spending power by up to $78 billion. Trump's tariff proposals have drawn criticism for their potential negative impact on the U.S. economy. Analysts warn that these measures could lead to higher prices and a possible trade war, as affected countries may retaliate with their own tariffs.