Trump says he plans to pass new tariffs on Canada, China and Mexico on his first day in office

President-elect Donald Trump said Monday his new administration would impose new tariffs on goods imported from Mexico, Canada and China, cementing a key campaign promise that could have a major impact on trade.

Trump said in an article on Truth Social that he plans to impose a 25 percent tariff on products imported from Mexico and Canada, framing the proposal as a response to the ongoing fentanyl crisis.

“On January 20, as one of my many first executive orders, I will sign all necessary documents to impose 25% tariffs on ALL products entering the United States on Mexico and Canada, as well as their ridiculous open borders,” Trump wrote. “This tariff will remain in effect until drugs, especially Fentanyl, and all illegal aliens stop this invasion of our country!”

Trump said he would also seek to impose additional tariffs on China.

“I have had numerous discussions with China regarding the massive quantities of drugs, particularly Fentanyl, being sent to the United States, but to no avail,” Trump wrote. “Until they stop, we will impose an additional 10% tariff on China, above any additional tariff, on all of their many products entering the United States of America. “

Mexico and Canada are the two largest trading partners of the United States, accounting for nearly 30% of trade volumes. The auto industry, dairy, paper products and building materials like wood are just some of the products that would face disruption.

The embassies of Canada, China and Mexico did not immediately respond to requests for comment Monday evening.

The United States and China held high-level discussions on the fentanyl crisis this year in a bid to resume counter-narcotics cooperation following President Joe Biden's meeting with Chinese President Xi Jinping in California last year. Biden also announced he would increase tariffs on various products from China, saying in May that he would increase tariffs on electric vehicles from 25% to 100% this year.

On the campaign trail, Trump said he would impose blanket 20 percent tariffs on all imports and add tariffs of at least 60 percent on Chinese goods.

During a presidential debate with then-Democratic candidate Kamala Harris, who called Trump's tariffs a “sales tax on the American people,” Trump framed the proposed tariffs as a sort of revenge.

Any proposed tariff is likely to draw backlash from businesses and Capitol Hill, as NBC News has previously reported.

Economists and retail trade groups estimate that tariffs on goods entering the United States could cost Americans $78 billion a year. For example, a $50 pair of shoes could cost almost $65, according to the National Retail Federation. The cost of a $2,000 mattress could increase by $190. Retail chain Five Below, online stores Wayfair and Dollar Tree are among the most vulnerable stores in a trade war, according to a CNBC analysis.

Other countries will finally, after 75 years, pay us back for everything we've done for the world, and the tariffs will be substantial, Trump said during his September presidential debate against Harris.

Trump's proposed tariffs would upend one of the biggest economic deals of his first term.

The United States-Mexico-Canada Agreement, also known as the USMCA, was negotiated during the first Trump administration and took effect in July 2020. Trump's proposed tariffs in his social media posts would likely violate the agreement, according to Arturo Sarukhan, former president of Mexico. ambassador to the United States

Zoe Richards

Zo Richards is a political reporter for NBC News.

Steve Kopack

Steve Kopack is a producer at NBC News covering business and economics.

Nnamdi Egwuonwu and Vaughn Hillyard contributed.

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