Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

US consumers face “significant consequences” from President-elect Donald Trump’s proposed tariffs on Canada, according to Goldman Sachs Group Inc., with the bank casting doubt over its implementation.

President-elect Donald Trump promised to impose a 25% tariff on all goods from Mexico and Canada on his first day in office. Imports from Mexico and Canada totaled $900 billion in 2023. Trump has proposed tariffs as a solution to government funding.