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.

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.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

President-elect Donald Trump threatened to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. He said he would impose a 25% tax on all products entering the country from Canada and Mexico,

Canadian Prime Minister Justin Trudeau says if President-elect Donald Trump follows through on this threat to impose sweeping tariffs on Canadian products he would be raising prices for Americans and

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