Trump plans tariffs on Mexico, Canada and China over immigration and drug issues

US President-elect Donald Trump announced plans to impose a 25% tariff on all imports from Mexico and Canada and a 10% tariff on Chinese goods starting on his first day in office. He cited illegal immigration and drug trafficking as reasons for these tariffs. These tariffs would conflict with the US-Mexico-Canada Agreement, which allows for largely duty-free trade. Mexico and Canada are the US's largest trading partners, with a significant portion of their exports going to the US. In response, the Chinese Embassy warned that a trade war would not benefit either country. The announcement caused the US dollar to rise against the Mexican and Canadian currencies, while US stock futures and Japan's Nikkei index fell.