Donald Trump has announced 25% tariffs on Mexico and Canada. Here is how they would work and what such tariffs might mean.

Donald Trump’s threat of 25% tariffs on Mexico and Canada would cost the US economy as many as 400,000 jobs and increase prices for American consumers, according to the Mexican government.Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Italy’s Motor City,

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.