President-elect Donald Trump said he will impose a 25% tariff on all goods from Mexico and Canada when he takes office in January.

President-elect Donald Trump on Monday sent shockwaves across multiple countries, vowing sweeping new tariffs as soon as he takes office as part of his effort to crack down on illegal immigration and drugs.

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

Economists say the tariffs would act like a tax on American consumers, raising prices on any number of products. "We typically think as a rule of thumb that about 75% of the tariff will be passed onto consumers,