On February 1, 2025, President Donald Trump enacted significant tariffs on imports from Canada, Mexico, and China, citing national security concerns and issues like illegal immigration and fentanyl trafficking. Imports from Canada and Mexico now face a 25% tariff, while Chinese products are subject to a 10% tariff. These measures are expected to increase costs for American consumers on essentials such as cars, electronics, and food, potentially costing households over $2,600 annually. In response, Canada has imposed its own tariffs on U.S. products, and China plans to file a complaint with the World Trade Organization. Economists warn that these tariffs may lead to higher inflation, disru...