Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

The president-elect plans to raise tariffs by an additional 10% on all Chinese goods coming into the U.S., according to a post on his social media platform Truth Social.

The governments of China and Mexico warned of retaliatory trade actions and Canada urged restraint Tuesday after President-elect Trump on Monday threatened steep tariffs to pressure those countries into cracking down on drug trafficking and illegal immigration.

Chinese state media has cautioned that President-elect Donald Trump’s pledge to impose additional tariffs on Chinese goods risks igniting a devastating tariff war between the world’s two largest economies.

Donald Trump plans to increase tariffs on Mexico, Canada, and China. The incoming chair of the New Democrat Coalition, Rep. Brad Schneider, joins The Weekend to discuss the Democrats’ fight ahead as Trump’s tariff plan stirs troubles for the U.