Trump ups the ante on tariffs, vowing massive taxes on goods from Mexico, Canada and China on Day 1 | Regional/National Headlines [Video]

(CNN) — President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration, a policy that could sharply increase costs for American businesses and consumers.

The move, Trump said, will be in retaliation for illegal immigration and “crime and drugs” coming across the border.

“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” Trump posted on his Truth Social platform. “This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”

Trump said America’s neighbors can “easily solve this long simmering problem.”

Similarly, Trump said that China will face higher tariffs on its goods – by 10% above …