Trump threatens 25% tariffs on Canada and Mexico, additional 10% on China

Trump announced via Truth Social that on his first day in office he would impose a 25% tariff on all products from Canada and Mexico, and an additional 10% tariff on Chinese goods (beyond existing tariffs). He linked the tariffs to border security and drug trafficking, particularly fentanyl. Economists warned the tariffs would raise consumer prices, disrupt North American supply chains, and potentially trigger trade wars. Canada and Mexico are America's largest trading partners.

"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." — Truth Social post, November 25, 2024