Trump plans tariffs on Canada, Mexico, and China starting January 2025

President-elect Donald Trump announced plans to impose tariffs on Mexico, Canada, and China starting on January 20, 2025. He intends to charge a 25% tariff on all products from Mexico and Canada to address drug trafficking and illegal immigration. Trump also plans to implement an additional 10% tariff on Chinese goods, citing insufficient action against drug exports. He previously proposed even higher tariffs during his campaign, aiming to pressure these countries to curb drug flows into the U.S. Economists warn that these tariffs could raise prices for American consumers, with estimates suggesting an annual cost of about $2,600 per household. Experts believe the effectiveness of such tariffs may be diminished as trading partners adapt to these strategies.