Trump's plan for tariffs against Canada and Mexico could dramatically raise prices for Americans and threaten a trade agreement negotiated by his own administration.

Trump threatened to impose 25% tariffs on Canada and Mexico and 10% on China as soon as he gets into office on January 20, 2025. He accused the countries of permitting the flow of illegal migrants and drugs,

Canada was scrambling Tuesday to blunt the impact of US President-elect Donald Trump's threat to implement steep tariffs once he takes office, as experts warned of a potentially "catastrophic" hit to the Canadian economy.