President-elect Donald Trump has announced a plan to impose tariffs on all products imported from America’s three largest trading partners: Mexico, Canada, and China. The move could impact the prices of a range of imported goods, from cars to electronics, experts say.
Trump said on Truth Social on Monday night that he intends to sign an executive order on Jan. 20, 2025, to charge Mexico and Canada a 25% tariff on all products coming into the U.S., and a 10% tariff on goods from China. He said the tariffs would be in response to migrants and drugs, such as fentanyl, traveling across U.S. borders. Trump initially promised during his campaign to institute a 10-20% tariff on all imports, and as high as 60% on goods from China. Economists worry that his tariff plan will raise the prices of some imported goods and lead to inflation.
“This is a time when U.S. …