President-elect Donald Trump has expressed his intention to impose substantial tariffs when he assumes office on January 20. He has described these tariffs as a groundbreaking development and has consistently mentioned plans for a 10% to 20% tariff on all foreign goods, with an even higher tariff of 60% or more on products imported from China.

As the new administration prepares for this economic shift, there are concerns about how these tariffs will be implemented and the timeline for their execution. Various stakeholders, including countries, industries, and companies, are closely monitoring the potential consequences and responses to Trump's proposed trade policies. The introduction of these tariffs could have a significant impact on international trade dynamics and domestic markets.