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

U.S. President-elect Donald Trump announced plans to impose a 25% tariff on all products from Mexico and Canada on his first day in office. He also intends to add a 10% tariff on goods from China. Trump cited concerns over illegal immigration and drug trafficking as reasons for these tariffs. He stated that the tariffs would remain until Mexico and Canada take stronger action against drug-related issues. The announcement caused the dollar to rise over 2% against the Mexican peso. Responses from the governments of Mexico, Canada, and China were not immediately available.