President-elect Donald Trump’s threatened tariffs might be more of a political negotiating tactic than a set-in-stone policy, but the outcome is sure to have huge impacts on American consumers.

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.

President Claudia Sheinbaum of Mexico said she had an "excellent conversation" with U.S. President-elect Donald Trump on Wednesday, lowering tensions stoked this week by the American leader's threat to impose tariffs.