Trump announces scheme to hike prices on millions of struggling families

Donald Trump has threatened to impose tariffs on imports from multiple countries, a move that would lead to price increases on consumer goods for millions of Americans.

In a post to his Truth Social account, Trump said that on Day One of his presidency he would sign an executive order affecting imports from Mexico, and Canada, imposing a 25% tariff in retaliation for purported “ridiculous Open Borders.”

Neither country has an open border with the United States, but Trump has frequently asserted this falsehood as part of his anti-immigrant stance.

During his first run for the presidency in 2016, Trump threatened similarly broad tariffs against Mexican and Chinese imports, but never followed through once elected, and instead imposed much narrower tariffs.

If Trump does make good on his current threat, retailers have said that they would pass on the increased cost of goods to consumers, raising prices. Trump has repeatedly claimed that tariff increases are paid by foreign companies, but in reality it is American companies that foot the bill.