President-elect Donald Trump's threat to impose tariffs on Canada, China and Mexico on the first day of his administration could dramatically raise prices for Americans on everything from cars to clothes to oil.

Put simply, tariffs are a tax on imports. Here's what Donald Trump did with them in his first term and how they impact the economy.

Mexican President Claudia Sheinbaum said her government would retaliate if President-elect Donald Trump moves forward with his threat to impose a 25 percent tariff on the country. The Morning Joe panel discusses.