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

The calculations, which do not include the effect of potential retaliation, reinforce the theory that inflation could go up with the Republican’s plan to slap Washington’s North American partners with

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.