Trump threatens 25% tariffs on Mexico and Canada, raising consumer price concerns

Donald Trump has threatened to impose 25% tariffs on imports from Mexico and Canada starting on his first day in office. This move could lead to significant price increases for consumers, conflicting with his campaign promise to reduce inflation. Leaders in Mexico and Canada have indicated they would retaliate against these tariffs. Economists warn that the added costs would likely be passed on to consumers, affecting prices for food, clothing, and vehicles. The potential tariffs could disrupt supply chains and impact various industries, including automotive and retail. Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum have expressed willingness to discuss the issue, but both countries are prepared to respond if tariffs are enacted.