President-elect Donald Trump's threat to impose tariffs on Canada, China and Mexico on the first day of his administration could dramatically raise prices for Americans on everything from cars to clothes to oil.

Put simply, tariffs are a tax on imports. Here's what Donald Trump did with them in his first term and how they impact the economy.

This week, President-elect Donald Trump announced planned tariffs against Mexico and Canada. Here is what to know about the plan. Trump said in a social media post Monday night that he would put the tariffs into motion on Jan.