Trump pledges to impose 25% tariffs on goods from Canada and Mexico

The president-elect also said he would increase Chinese tariffs by 10% until China cracks down on illegal drug exports to the United States

Donald Trump won’t return behind his old desk in the Oval Office until January, but he has already promised that one of his first orders of business will be to impose new tariffs on products from neighboring Canada and Mexico, as well as on imports from China. Products are subject to higher tariffs.

Trump wrote in his first statement: “On January 20, as one of my first many executive orders, I will sign all necessary documents to impose a 25% tariff on all products entering the United States from Mexico and Canada. , and the absurdity of open borders,” published in his. truth society network.

RELATED: California to reinstate EV rebate if Trump eliminates tax credits, but not for Tesla

The president-elect said tariffs on the two countries will not be lifted until they strengthen border security.

“This tariff will remain in effect until drugs, specifically fentanyl and all illegal aliens, stop invading our country!” he added.

In a follow-up post, Trump announced that he would increase existing tariffs on goods from China by 10% for similar reasons.

“I have had numerous negotiations with China regarding the shipment of large amounts of drugs, specifically fentanyl, to the United States, but to no avail,” Trump wrote.

Although a 25% tariff on goods from Mexico is much lighter than the 200% tariffs Trump proposed before the election, imposing tariffs on goods from Mexico and Canada could cause problems for automakers such as Ford and General Motors. Big trouble comes. , BMW and Volkswagen, all of which make cars on the other side of the border in the United States.

The Peterson Institute for International Economics said tariffs on imports from the three countries could cost American households an additional $2,600 (£2,100) a year. The Guardian Report. Of course, less affluent households will be most affected by price increases.