President-elect Donald Trump threatened 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 drugs. He said he would impose a 25% tax on all products entering the country from Canada and Mexico,

President Claudia Sheinbaum Pardo said tariffs could cause more inflation and result in job losses for the U.S. and Mexico.

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