Trump plans tariffs on Canada and Mexico on first day in office

President-elect Donald Trump plans to impose a 10% tariff on Chinese goods and a 25% tariff on all products from Mexico and Canada. He announced this on his Truth Social network, linking the tariffs to issues of migration and drug trafficking. Trump stated that these tariffs would be enacted on his first day in office. He criticized China for not addressing fentanyl trafficking and claimed that illegal immigration from Mexico and Canada is at unprecedented levels. In response to Trump's announcement, the Mexican peso fell over 1%, while the Canadian dollar dropped about 0.5%. China's yuan also weakened slightly in offshore trading.