On Monday evening, President-elect Donald Trump announced that he would impose a 25 percent tariff on products from Canada and Mexico on his first day in office. He also announced he would levy an additional 10 percent tariff on products from China until its government begins to address the smuggling of fentanyl into the United States.
None of this should be surprising, as Trump repeatedly threatened to impose tariffs throughout the 2024 campaign. When he spoke at the Economic Club of Chicago in October, he brushed off concerns about the economic impact the heavy fees would have on Americans, calling China a “very stupid country.”
