(NEXSTAR) — President-elect Donald Trump said Monday that he plans to impose new tariffs on goods from Canada, China, and Mexico on his first day in office. While that day is roughly two months from now, you may already be concerned about how the tariffs could impact your wallet.

In multiple Truth Social posts, Trump said he would enact 25% tariffs on all goods from Canada and Mexico, and another 10% on Chinese goods — many of which, as The Hill previously reported, are already under tariffs Trump imposed in his first term.

According to the president-elect, these tariffs are intended to force those countries to improve their border security and crackdown on the inflow of drugs into the U.S.

Trump asserts that tariffs — basically import taxes — will create more factory jobs, shrink the federal deficit, lower food prices and allow the government to subsidize childcare. He has also claimed tariffs are paid for by foreign countries, which isn’t the case.

In fact, it is importers — American companies — that pay tariffs, and the money........

© The Hill