President-elect Donald Trump on Monday threatened to unilaterally impose a massive consumption tax on Americans who purchase imported goods from three of the country’s top trading partners on the day he takes office, seemingly with no regard for the inflationary effects of such a move.
In a series of posts on his Truth Social platform, Trump said he would hike the cost of Mexican and Canadian products by 25 percent by executive order if both countries did not take steps to curb what he described as unacceptable flows of drugs and migrants into the U.S. across their respective borders.
