President-elect Donald Trump intends to follow through on his plan to impose sweeping tariffs on America’s top trading partners — a move that could come at a high cost to U.S. consumers. On Monday, Trump promised a new tariff on all products entering the U.

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.

President Joe Biden criticized President-elect Donald Trump's announcement that he will implement 25% tariffs on Canada and Mexico, saying that the comments were "counterproductive."