The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration, a policy that could sharply increase costs for American businesses and consumers.

President-elect Donald Trump is threatening to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

Trump, who takes office on Jan. 20, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.

President-elect Trump’s emphatic promise of new tariffs is sharpening the debate over how he will handle the economy. It’s likely the single most important domestic issue of his second term. Trump is poised to enjoy almost perfect timing in taking the reins of an economy on the rise.