Trump plans tariffs of up to 25% on imports from Mexico and Canada and 10% on China

President-elect Donald Trump has announced plans to impose tariffs of up to 25% on imports from Mexico and Canada, and 10% on goods from China. This marks a significant expansion of his previous tariff proposals. Key imports that could be affected include electronics, oil, and vehicles. In 2023, the U.S. imported approximately $1.3 trillion in goods from these countries, with Canada supplying over $92 billion in crude oil and Mexico providing $65 billion in car parts. Trump's new tariff plan may face legal challenges and could lead to increased prices for consumers. Some companies, like Walmart, have indicated that price hikes may be necessary if the tariffs are implemented.