Canadian Prime Minister Justin Trudeau said Friday that U.S. President-elect Donald Trump is serious about a threat to impose stiff import tariffs on Canadian imports and warned they would hurt both economies.

Hello, this is Colum Murphy in Beijing, where Donald Trump’s penchant for doing the surprising … well … surprised everyone again this week.

Trump said in a post to Truth Social on Monday that one of his first executive orders would be to hit Mexico and Canada with a blanket 25% tariff. Mexico and Canada are the second and third top suppliers of goods to the U.S., according to the Office of the U.S. Trade Representative. The U.S. imports the most goods from China.

The president-elect’s threat to hit Canada, Mexico and China with new tariffs is already rocking business and diplomatic relationships and could topple the trade pacts he signed in his first term.

Taiwan raised its forecast for economic growth next year even though the return of President-elect Donald Trump threatens to disrupt trade.

Fox News correspondent Mark Meredith reports on President-elect Donald Trump's tariff proposals and threats against incoming high-profile Cabinet picks on 'Special Report.'

Mexican President Claudia Sheinbaum spoke to President-elect Donald Trump after he threatened to impose tariffs and she hinted at retaliation in a letter.

Mexican President Claudia Sheinbaum says she is confident that a tariff war with the United States can be averted

President Biden on Thursday said he hoped Trump would rethink his plan to impose tariffs, saying it could "screw up" relationships with close allies.

Mexico's President Claudia Sheinbaum said on Thursday she and U.S. President-elect Donald Trump had agreed to maintain a good relationship in a friendly phone call that appeared to ease tensions between the top trading partners amid tariff threats.