President-elect Trump has promised to impose 25% tariffs on all goods imported from Canada and Mexico, and tariffs as high as 60% on goods coming from China on day one of his new administration. What will these protectionist policies accomplish?

Trump said he will impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one

The companies are urging the president-elect to reimpose duties on steel from the U.K., the EU and Japan, accusing foreign rivals of unfair market practices.

The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent census data.