President-elect Donald Trump on Monday said his incoming administration would slap new tariffs on imported goods from Mexico, Canada and China, solidifying a key campaign promise that could have a major impact on trade.
Trump said in a post on Truth Social that he plans to impose a 25% tariff on products imported from Mexico and Canada, framing the proposal as a response to the ongoing fentanyl crisis.
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"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump wrote. "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 said that he would also seek to impose additional tariffs on China.
"I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States — But to no avail," Trump wrote. "Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America."
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Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes. The vehicle manufacturing industry, dairy, paper products, and building supplies like wood are just some of the products that would face disruptions.
Embassies for Canada, China and Mexico did not immediately respond to requests for comment on Monday night.
The U.S. and China held high-level talks this year about the fentanyl crisis in an effort to resume counternarcotics cooperation after President Joe Biden and Chinese President Xi Jinping met in California last year. Biden also announced he would increase the tariff rate on various goods from China, saying in May that he would increase the tariffs on electric vehicles from 25% to 100% this year.
On the campaign trail, Trump declared he would impose 20% blanket tariff on all imports, and add tariffs of at least 60% to Chinese products.
During a presidential debate with then-Democratic nominee Kamala Harris, who called Trump's tariffs a "sales tax on the American people," Trump cast the proposed tariffs as a kind of payback.
Any proposed tariffs are likely to receive some pushback from businesses and on Capitol Hill, as NBC News has previously reported.
Economists and retail trade groups estimate that tariffs on goods flowing into the U.S. could cost Americans $78 billion annually. For example, a $50 pair of shoes could cost almost $65, according to the National Retail Federation. The cost of a $2,000 mattress could rise by $190. Retail chain Five Below, online outlet Wayfair and Dollar Tree are some of the most vulnerable stores in a trade war, according to a CNBC analysis.
“Other countries are going to finally, after 75 years, pay us back for all that we’ve done for the world, and the tariff will be substantial,” Trump said during his Sept. presidential debate against Harris.
The tariffs floated by Trump would upend one of the biggest economic deals of his first term.
The U.S.-Mexico-Canada Agreement, also known as the USMCA, was negotiated during Trump's first administration and went into effect in July 2020. Tariffs proposed by Trump in his social media posts would likely violate the pact, according to Arturo Sarukhan, Mexico's former ambassador to the U.S.
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