Canada’s foreign minister is warning Americans they will be paying a “Trump tariff tax” if President-elect Donald Trump follows through with a threat of imposing a 25% tariff on all Canadian goods.

Canada on Friday (Jan 17) issued a stark warning to the United States, promising that the nation would be hit with a "Trump tariffs tax" if US president-elect Donald Trump follows through on his plan to impose 25 per cent tariffs on Canadian imports.

When the cost of repairing and replacing vehicles increases, these costs trickle down to insurance companies, who pass them on to policyholders. President-elect Trump has indicated that this tariff could be placed on all goods entering the U.S. from Mexico and Canada, impacting auto insurance costs in a few ways:

Donald Trump is promising to put import taxes back at the center of US economic policy during his second term as US president. The country heavily taxed imports for much of its history before largely abandoning the policy,

As investors the world over brace for a global trade war with U.S. President-elect Donald Trump returning to the White House next week, several economists and strategists believe his proposed hefty tariff hikes could well be a negotiation tool.