Trump Announces Tariffs on Canada, Mexico, China

President-elect Donald Trump announced plans to impose significant tariffs, specifically 25% on all imports from Canada and Mexico and an additional 10% on Chinese goods, citing the need to address drug and migration issues. This move has triggered immediate market volatility, with the Canadian dollar and Mexican peso dropping sharply, and stocks in auto industries heavily reliant on these countries falling in premarket trading. Economists warn that such high tariffs threaten to disrupt international trade and supply chains, potentially leading to increased prices for consumers. Trump's announcement aligns with his campaign promises, but it raises concerns about compliance with the USMCA agreement he negotiated. The proposed tariffs could have sweeping implications, affecting nearly $1.5 trillion in annual imports. The situation is evolving, and further analysis of the economic impact will follow.