Trump says Mexico and Canada will get hit with 25% import tariffs on all goods once he takes office

• President-elect Donald Trump announced sweeping tariffs on imports on goods from Canada, Mexico, and China.
• He says he plans to impose a 25% tariff on goods from Canada and Mexico.
• He also announced his plan to slap an additional 10% tariff on Chinese goods.

President-elect Donald Trump has announced a slate of tariffs that will hit the US’s closest neighbors hard.

In a pair of Truth Social posts on Monday, Trump said that he plans to kick off his term on January 20 with executive orders “to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders.”

“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Trump wrote on Truth Social.

Trump added that he believes both countries have the “absolute right and power” to find ways to stop migrants from crossing into the US.

“We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!” Trump wrote.

In another Truth Social post on Monday, Trump also said he intends to slap China with an additional 10% import tariff — on top of any tariffs he already plans to impose.

These tariffs, Trump said, are because China’s to blame for “the massive amounts of drugs, in particular Fentanyl, being sent into the United States.”

Trump previously said that he planned to impose 60% tariffs on Chinese goods. If Trump goes through with his earlier proposal, this additional 10% tariff will bring that percentage up to 70%.

Investors and companies alike are bracing for a raft of tariffs that Trump already has planned — and prices of goods are likely to go up.

It is unclear what China’s response to this new era of Trump tariffs will be. But the last time Trump was president, his “America First” policies triggered a trade war with China.

Representatives for Trump and the foreign ministries of Canada, China, and Mexico did not immediately respond to requests for comment from Business Insider.