The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he'll do and what the consequences could be.

With a Monday evening promise on Truth Social that his incoming administration will slap 25 percent tariffs on all goods from Canada and Mexico — as well as increasing already existing tariffs on China — Trump sent reporters (and investors,

Reaction to Trump's day one promise to slap tariffs on three of the America's key trading partners: Mexico, Canada and China. The president-elect framed the proposal as a response to the fentanyl crisis.

Economists say the tariffs would act like a tax on American consumers, raising prices on any number of products. "We typically think as a rule of thumb that about 75% of the tariff will be passed onto consumers,