Trump threatens to impose sweeping new tariffs on Mexico, Canada and China on Day 1

NEW YORK (AP) -- President-elect Donald Trump is making good on his tariff promises, saying Monday he plans to impose them on Mexico, Canada and China in an effort to stop the flow of drugs entering the country and illegal border crossings.

Trump posted on his Truth Social platform that one of the first executive orders he will sign when he takes office on Jan. 20, 2025, will be to charge Mexico and Canada with a 25% tariff on all products coming into the United States.

"This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem. We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price." Trump posted.

Canada's deputy prime minister, Chrystia Freeland, and public safety minister, Dominic LeBlanc, released a joint statement on the proposed tariffs Monday, saying, "Canada and the United States have one of the strongest and closest relationships - particularly when it comes to trade and border security. Canada places the highest priority on border security and the integrity of our shared border."

The officials noted that Canada buys more from the U.S than China, Japan, France and the U.K. combined.

"Canada is essential to US domestic energy supply, and last year 60 percent of US crude oil imports originated in Canada," Freeland and LeBlanc said in the statement on X.

In another post, Trump said that he will be charging China with an additional 10% tariff on top of any additional tariffs on products coming into the U.S., arguing the country wasn't doing enough to stop the flow of illicit drugs.

"Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our Country, mostly through Mexico, at levels never seen before," Trump claimed.

During the presidential campaign, Trump proposed tariffs of between 60% and 100% on Chinese goods, and a tax of between 10% and 20% on every product imported from all U.S. trading partners.

The day before the election, Trump told a rally in Pittsburgh, "I'm putting tariffs on Mexico. Every damn thing that they sell into the United States has got to have like a 25% tariff until they stop drugs from coming in."

Economists widely forecast that tariffs of this magnitude would increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers.

Trump's tariffs would cost the average U.S. household about $2,600 per year, according to an estimate from the Peterson Institute for International Economics.

Raymond Robertson, professor for trade, economics and public policy at Texas A&M University, told ABC News Trump's plan will not be as effective because countries know what's coming.

"This is more likely a play designed to put pressure on our closest trading partners," Robertson said. "But this is the same playbook done the second time around. If you're on the football field and you call the same play twice, it's not going to be as effective the second time."

Robertson added that countries know this would be "disruptive" and a "disaster," but they've "seen how this game works." Robertson says our trading partners could seek closer ties to Europe and other countries and rely less on the U.S., "which means higher prices for us."

-ABC News' Max Zahn and Selina Wang contributed to this report.