Trump threatens to impose new tariffs on Mexico, Canada and China on 1st day in office

Trump pledges 25% tariffs on Canada, Mexico

U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs.

NEW YORK - President-elect Donald Trump has threatened to implement significant new tariffs on Mexico, Canada, and China immediately upon taking office, as part of his strategy to address illegal immigration and drug trafficking.

If enacted, the tariffs could lead to a sharp increase in prices for a wide range of products, from gasoline to cars. The U.S., being the world's largest importer, relies heavily on Mexico, China, and Canada as its top three suppliers, according to the latest Census data.

Trump made the threats in a pair of posts on his Truth Social site Monday evening, when he spoke against an influx of illegal migrants.

"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," he wrote, adding, "thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before."

FILE: Donald Trump (Credit: Anna Moneymaker/Getty Images)

He said the new tariffs would remain in place "until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! "

Trump also turned his attention to China, saying he has "had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail."

"Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," he wrote.

It remains uncertain whether Trump will follow through on his threats or if he is simply using them as a negotiating strategy ahead of his inauguration in the new year.

Trump's 1st day back in office

During his campaign for presidency, Trump outlined several things that he wants to accomplish for his first day back in office, vowing to enact significant changes across key policy areas, including immigration, energy, and foreign policy.

Trump's economic plan: Tax cuts, tariffs and energy

Robert Schroeder, Washington Bureau Chief for MarketWatch, joins LiveNOW's Andrew Craft to outline what President-elect Trump's economic plan could look like.

In recent months, Trump has made it clear that his approach to governance will be bold and immediate, stating late last year that he would not rule as a dictator "except for Day 1."

On Day 1, Trump said he vowed to make immigration a central issue in his campaign, pledging to launch "the largest deportation program in American history" on his first day back in office.

Speaking at a rally at Madison Square Garden in New York, Trump reaffirmed his commitment to rounding up and deporting millions of undocumented immigrants, particularly those with criminal records.

"On Day 1, I will launch the largest deportation program to get the criminals out," Trump told the crowd. "I will rescue every city and town that has been invaded and conquered, and we will put these vicious and bloodthirsty criminals in jail, then kick them the hell out of our country as fast as possible."