President-elect Donald Trump threatened to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. He said he would impose a 25% tax on all products entering the country from Canada and Mexico,

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

If enacted, they would violate the 2020 deal that the United States inked with Canada and Mexico during Donald Trump’s first term.

President-elect Donald Trump promised to impose a 25% tariff on all goods from Mexico and Canada on his first day in office. Imports from Mexico and Canada totaled $900 billion in 2023. Trump has proposed tariffs as a solution to government funding.

NANTUCKET, Massachusetts, Nov 28 (Reuters) - U.S. President Joe Biden on Thursday said he hoped President-elect Donald Trump would rethink his plan to impose tariffs on Mexico and Canada, saying it could "screw up" relationships with close allies.

If they are imposed, the tariffs will hurt American consumers most of all. The North American supply chain is integrated; nearly $1trn-worth of goods crossed the northern and southern borders of the United States last year.

As President-elect Donald Trump threatens to impose tariffs on goods imported from China, Canada and Mexico, economists and business owners sound off on the issue.

Supply chain disruptions, a spike in prices and other impacts are expected to be felt immediately if the tariffs are adopted.