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

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.

While the announcement is almost certainly bluster to bring attention to illegal immigration and fentanyl smuggling, there are several reasons why it is so risky.