Donald Trump to increase tariffs on China, Canada, and  Mexico - video Dailymotion

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Donald Trump’s proposed tariffs plan.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05Focus is on the retail sector this Tuesday.

00:07Consumer confidence rose for the second straight month, according to the conference board,

00:11with consumers upbeat about job prospects.

00:14Some retailers, however, aren't seeing that show up in their business.

00:18Best Buy posted quarterly results that missed analysts' forecasts.

00:23Retail is in the spotlight for another reason as well, tariffs.

00:28President-elect Donald Trump is rolling out the beginnings of his tariff plan on a post

00:32on Truth Social.

00:33He writes, quote, as one of my many first executive orders, I will sign all necessary

00:38documents to charge Mexico and Canada a 35 percent tariff on all products coming into

00:44the United States.

00:46The U.S. is a major destination for its two biggest trading partners.

00:50Eighty-three percent of all Mexican exports and 75 percent of all Canadian exports are

00:55headed here.

00:57Trump also took aim at China, threatening an additional 10 percent tariff tacked on

01:01to existing tariffs.

01:04Just how high these tariffs will go is unclear.

01:07Trump has already vowed to strip China's status as a most-favored-nation trading partner

01:13and impose tariffs of more than 60 percent.

01:16It is important to note that the tariff threat isn't actually tied to bringing jobs back

01:20to America.

01:21In his social media post, Trump said the tariffs are in retaliation for Mexico not

01:26stemming the flow of migrants and China not stopping the flow of illicit drugs like fentanyl.

01:32Many economists worry Trump's tariff plans will spark a tit-for-tat trade war and stoke

01:37more inflation at a time when Americans are already struggling with higher living costs.

01:44That'll do it for your daily briefing from the New York Stock Exchange.

01:47I'm Conway Gittins with The Street.

01:51Thanks for watching.