The leaders of Mexico and Canada responded quickly, and in different ways. Justin Trudeau, Canada’s prime minister, jumped on the phone to Mr Trump to chat about the “intense and effective connections” between their countries. His deputy, Chrystia Freeland, released a statement about the importance of border security.

While Black Friday 2024 won’t be harmed, if the new Trump tariffs become reality, shoppers could be in for a major shock over the year to come.

Even as Mexico President Claudia Sheinbaum attempts to quell concerns over Donald Trump’s threat of 25% tariffs, economists are looking glumly at the trouble ahead should the US president-elect actually follow through.

Another check on the administration could be the fear of tariff-induced inflation. Americans’ experience of the highest price rises in 40 years helped doom Kamala Harris’s election bid. Mr Trump may not want to be seen as the architect behind surging prices of everything from Americans’ breakfast avocados to their newest set of wheels.

The president-elect’s opening salvo in trade and border talks with the United States’ neighbors is casting a harsh light on the North American alliance.

Trump has pledged to punish Canada and Mexico for “bringing Crime and Drugs at levels never seen before” by imposing a 25 percent tariff on all imported goods from U.S. neighbors — with no exceptions made for oil and natural gas.

Expert discusses the potential economic impact of President-elect Donald Trump’s proposed tariffs on Mexico and Canada.