President-elect Donald Trump vowed Monday that on his first day in office he would impose a 25% tariff on all products coming into the United States from Canada and Mexico.

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.

Donald Trump has announced 25% tariffs on Mexico and Canada. Here is how they would work and what such tariffs might mean.