Last week, President-elect Donald Trump outlined a plan for sweeping new tariffs against three of America’s leading trading partners. In a post on Truth Social, his social network, he promised that he was ready to sign an executive order placing 25% tariffs on all goods imported from Canada and Mexico on day one of his presidency, with an additional 10% tariff on goods from China. This is on top of earlier threats of imposing 60% tariffs on China and a blanket tariff of 10% to 20% on other imports to the U.S. — a protectionist plan that could reshape the U.S. economy in ways that have little recent precedent.
