Trump proposes new tariffs on Mexico, Canada, and China to boost U.S. economy

President-elect Donald Trump plans to impose new tariffs on imports from Mexico, Canada, and China starting January 20. He proposes a 25% tariff on goods from Mexico and Canada and a 10% tariff on Chinese imports. Trump argues these tariffs will protect U.S. manufacturing, attract foreign companies to build factories in the U.S., and generate significant federal revenue. He estimates that a 10% tariff could raise $2 trillion over the next decade. Additionally, Trump believes tariffs could help reduce illegal immigration and drug smuggling. He has linked the tariffs to efforts to combat drug trafficking, particularly fentanyl, which is often smuggled from Mexico.