President Trump has announced plans to impose 25% tariffs on goods from Mexico and Canada starting February 1, marking a major shift in North American trade policy. This move could lead to higher prices for American consumers and potentially trigger retaliatory measures from both countries. Mexico and Canada are among the U.S.’s top trading partners. Last year, the U.S. imported nearly $475 billion worth of goods from Mexico and $418 billion from Canada, making up about 30% of all U.S. imports. On the flip side, the U.S. exported $354 billion to Canada and $322 billion to Mexico, accounting for a third of total U.S. exports. The new tariffs could disrupt this balance, raising costs for businesses and consumers alike. Experts warn that these tariffs could backfire. “This would create a self-inflicted wound on America’s own economy,” said one analyst from a conservative think tank. If Mexico and Canada respond with their own tariffs, U.S. industries like agriculture and manufacturing could take a hit. The announcement comes as part of a broader trade policy outlined in an executive action signed Monday. While the action doesn’t immediately impose new global tariffs, it directs government agencies to investigate trade deficits, review existing agreements, and explore ways to strengthen U.S. trade practices. It also calls for an analysis of the U.S.-Mexico-Canada Agreement (USMCA) to determine its impact on American workers and businesses. Critics argue that the proposed tariffs could violate the terms of the USMCA and make other countries hesitant to negotiate trade deals with the U.S. in the future. “This would be a very serious mistake,” said a trade policy expert. The move has sparked debate within Trump’s economic team, with some advisors pushing for a softer approach and others advocating for aggressive tariffs to send a strong message. Meanwhile, concerns are growing about the potential impact on inflation and consumer prices, as tariffs often lead to higher costs for everyday goods. As the February 1 deadline approaches, all eyes are on how this bold trade policy will unfold—and what it means for American wallets. ---