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.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

President-elect Donald Trump's threat to impose tariffs on Canada, China and Mexico on the first day of his administration could dramatically raise prices for Americans on everything from cars to clothes to oil.