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.

If enacted, they would violate the 2020 deal that the United States inked with Canada and Mexico during Donald Trump’s first term.

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

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

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.

While the announcement is almost certainly bluster to bring attention to illegal immigration and fentanyl smuggling, there are several reasons why it is so risky.

The tariffs, if implemented, could dramatically raise prices for American consumers on everything from gas to automobiles to agricultural products.

Trump, who takes office on Jan. 20, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.

President-elect Donald Trump said he would impose the import tariffs — 25 percent for Canada and Mexico and 10 percent for China — as soon as he takes office.

President-elect Donald Trump vowed Monday that on his first day in office he would impose a 25% tariff on all products coming into the United States from Canada and Mexico.

On the campaign trail, Trump claimed to his supporters that tariffs are ‘not going to be a cost to you, it’s a cost to another country.’ Economists warn this isn’t the case