Trump announces a 25% tariff on goods from Mexico and Canada

On the 25th local time, U.S. President-elect Donald Trump stated that a 25% tariff will be imposed on all products entering the U.S. from Mexico and Canada. In addition, Trump announced a 10% tariff on all goods imported from China. Trump suggested a universal 10% tariff on all imported goods in an interview last year. In November of this year, a study by the National Retail Federation (NRF) indicated that if Trump's proposed new tariff plan is implemented, U.S. consumers could lose up to $78 billion in annual purchasing power. The study showed that these tariffs would affect consumer goods categories such as clothing, toys, furniture, appliances, footwear, and travel goods. An analysis by Reuters pointed out that in recent years, American consumers have become more frugal, reducing unnecessary spending, which has put sales pressure on retailers and consumer goods companies. Jonathan Gold, Vice President of Supply Chain and Customs Policy at the National Retail Federation, stated that retailers rely on imported goods and manufacturing components to provide a diverse range of affordable products. If these import tariffs are implemented, it will place a heavier economic burden on low-income families, as the tariffs will ultimately be passed on to consumers, leading to higher prices