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.

Household goods, gas and more may be pricier due to proposed steep tariffs, as Mexico and Canada are the country's top suppliers.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.