What’s the potential impact of Trump’s proposed 25% tariffs?

On day one of his second term as president, Donald Trump says he will sign an executive order adding an additional 25% tariff on all Chinese, Mexican and Canadian imports. For vehicles, the impact will be significant, although its scale will vary from company to company according to the vehicles supplied from these countries. For Mexico and Canada this would also override the provisions of the USMCA, which ostensibly provides for free trade with the US. This was due for review and renegotiation within the next few years. President Trump’s return will clearly bring forward discussion of the USMCA’s future.