(NEXSTAR) — President-elect Donald Trump said Monday that he plans to impose new tariffs on goods from Canada, China, and Mexico on his first day in office. While that day is roughly two months from now, you may already be concerned about how the tariffs could impact your wallet.

President-elect Donald Trump threatened to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. He said he would impose a 25% tax on all products entering the country from Canada and Mexico,