The US president-elect is using tariffs as a weapon of diplomacy, even coercion, says BBC economics editor Faisal Islam.

U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China.

President-elect Donald Trump said Monday he would take executive action to impose a 25 percent tariff on products entering the U.S. from Canada and Mexico in an effort to try curtail the influx of drugs and migrants crossing the border.

The early reviews for Treasury secretary nominee Scott Bessent from Wall Street are in — and they're positive. But now the hard part begins.

Wall Street analysts believe Bessent will encourage Trump to roll back his aggressive plans for imposing tariffs on imported goods.

Bessent will lead President-elect Donald Trump’s Treasury Department. Bessent is the first out gay member of Trump’s Cabinet.