What could get more expensive if Trump launches a new trade war with Mexico and Canada | Money [Video]

New York (CNN) — During President-elect Donald Trump’s first term, America launched an all-out trade war with China to boost US manufacturing, secure US national security interests and resolve what Trump believed was an extremely out-of-balance trade relationship.

President Joe Biden kept most of those tariffs in place and added a few new ones, too. While leaders of the two nations continue to butt heads, US consumers have paid the price, shelling out more money on goods imported from China.

Now Trump is focusing his attention on America’s largest and third-largest trading partners: Mexico and Canada. And he’s pledging something extraordinary: Come January 20, the day Trump is inaugurated, he pledged to slap a new 25% across-the-board tariff on all goods the US imports from the two nations – goods that are almost all coming across the border for free because of the Trump-negotiated US-Mexico-Canada Agreement, or USMCA.

Translation: Brace yourself for a potential trade war that could seriously lighten your wallet.

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