Mere talk of tariffs will spur some consumers to run out and buy big-ticket items, or stockpile smaller ones, on the theory that prices will soon rise. That behavior, alone, could make prices increase . If Trump announces tariffs on his first day in office, as he has suggested, some prices could spike immediately.

Mexico has supplanted China as the main source of goods, but imports keep climbing.

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.

President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration, a policy that could sharply increase costs for American businesses and consumers.

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

The tariffs, if implemented, could dramatically raise prices for American consumers on everything from gas to automobiles to agricultural products.

President-elect Trump's plan to increase tariffs on goods from China and impose them on products from Mexico and Canada would drive inflation up by nearly 1%, Goldman Sachs estimates.

President-elect Donald Trump’s promise to impose stiff tariffs against America’s three biggest trading partners is widely expected to push prices higher, which would set the stage for the Federal Reserve to stop cutting interest rates and possibly raise them instead.

Beijing's commerce ministry said tariffs wouldn't 'solve America's own problems.' Investors are taking a wait-and-see approach.

On Monday, Trump threatened to impose new tariffs on Mexico, Canada and China – the United States’ three biggest trading partners – as soon as he takes office, on Jan. 20.