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• Trump vows tariffs on Mexico and Canada and deeper tariffs on China

The US president-elect’s social media post announcing 25% import tariffs on products from Mexico and Canada, and 10% from China, when he takes power in January has sent global stockmarkets into a spin.

Research by ING has estimated that if the costs of the new tariffs are fully passed on to consumers, then Americans will face having to pay $2,400 more per capita annually for goods.

“President-elect Donald Trump has promised to implement sweeping new tariffs aimed at protecting American industries, promoting domestic manufacturing, and reducing reliance on foreign imports.

“However, tariffs imposed during the first Trump term – and continued and extended under Biden – did not achieve all of the promised outcomes. Furthermore, our research shows that if the new tariffs are fully passed on, they could increase inflation and cost American consumers up to $2,400 per capita annually.