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.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

President-elect Donald Trump vowed Monday that on his first day in office he would impose a 25% tariff on all products coming into the United States from Canada and Mexico.