Trump's tariff threat could raise costs for U.S. consumers and impact trade with Canada and Mexico

President-elect Donald Trump plans to impose a 25 percent tariff on imports from Canada and Mexico, which could increase costs for automobiles and building materials. Analysts warn this may lead to higher consumer prices in the U.S. Canada, a major supplier of energy and construction materials, could see significant impacts. Tariffs may raise energy costs and housing prices, affecting both Canadian and U.S. manufacturers. Mexico, now the largest source of U.S. imports, could face similar challenges. Tariffs may increase vehicle prices and affect food imports, potentially passing costs onto consumers. The situation complicates existing trade agreements between the U.S., Canada, and Mexico.