The proposed tariffs on China, Canada and Mexico could raise prices for United States consumers, according to Goldman.

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

DETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation.

The dollar rose against major peers after Donald Trump threatened Canada and Mexico with a 25% tariff on all imports into the United States. Stocks were weak after strong gains globally in the previous session following hedge fund investor Scott Bessent being nominated as Treasury Secretary.

U.S. oil and gas lobbying groups said on Tuesday they were wary of President-elect Donald Trump's threat of tariffs on Canada and Mexico, saying such policies could affect consumers, industry and security.

President-elect Donald Trump announced Nov. 25 he would impose sweeping new tariffs on countries he says have allowed illegal immigrants and drugs to enter the United States. If the import tax were implemented,

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

Trump said that on Jan. 20, in one of his first executive orders, he would sign all the necessary paperwork to levy a 25% tariff on all products arriving from the U.S.’s North American neighbors.Start the day smarter.