Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

Mexico said Wednesday the United States will be shooting itself in the foot if President-elect Donald Trump implements his threats to impose 25-percent tariffs on Mexican imports.He said he would charge 25 percent tariffs on Mexican and Canadian imports and 10 percent on Chinese goods "above any additional tariffs" on the world's second-biggest economy.

Mexican President Claudia Sheinbaum says that the president-elect’s threat to enact massive tariffs on Mexican imports would lead to mutually assured economic destruction.