In a Truth Social post, Trump that he would implement a 25% tariff on imports from Canada and Mexico until both countries took stronger action against drugs, particularly fentanyl, and the flow of migrants crossing the U.S. border.

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, particularly fentanyl, into the US.

President-elect Trump is vowing to impose new tariffs on Canada, Mexico and China. NBC News' Guad Venegas, CNBC senior Washington correspondent Eamon Javers, New York Times chief White House correspondent Peter Baker and former chief of staff to VP Pence Marc Short join Chris Jansing to discuss the impact of the tariffs on prices of goods.

Officials from Mexico, Canada and China warned U.S. President-elect Donald Trump's threat of imposing hefty tariffs on goods from the three largest U.S. trading partners would harm the economies of all involved and would risk aggravating inflation and damaging job markets.