The magnitude of this tariff doesn't justify changing our economic forecast. But businesses involved in imports and exports must pay close attention to the details.

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.

Mexican President Claudia Sheinbaum said on Tuesday that Mexico would raise tariffs on imports from the United States if President-elect Donald Trump follows through on his threat to issue a 25% tariff on Mexican imports after taking office.