President-elect Donald Trump is proposing sweeping new tariffs on Mexico, Canada and China as soon as he takes office. Here's why.

With a Monday evening promise on Truth Social that his incoming administration will slap 25 percent tariffs on all goods from Canada and Mexico — as well as increasing already existing tariffs on China — Trump sent reporters (and investors,

Trump threatened to impose tariffs on Mexico, Canada and China through executive order on Inauguration Day. It’s unclear exactly what that will mean.

Trump's threatened tariffs will hit the bottom line of U.S. automakers importing vehicles, and experts say that cost will no doubt be passed on to customers.

Justin Trudeau, Canada's prime minister, told reporters on Tuesday that he had a "good" conversation with Trump following the president-elect's post.

Reaction to Trump's day one promise to slap tariffs on three of the America's key trading partners: Mexico, Canada and China. The president-elect framed the proposal as a response to the fentanyl crisis.

Cars, apparel, electronics and more could see prices go up if President-elect Donald Trump follows through on his pledge to impose sweeping new tariffs on imports from Mexico, Canada and China.