If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation.

President-elect Trump is vowing to impose new tariffs on Canada, Mexico and China. NBC News' Guad Venegas, CNBC senior Washington correspondent Eamon Javers, New York Times chief White House correspondent Peter Baker and former chief of staff to VP Pence Marc Short join Chris Jansing to discuss the impact of the tariffs on prices of goods.

Mexican President Claudia Sheinbaum has clapped back at President-elect Trump’s proposed 25% tariff on imported goods from Mexico, saying she would impose tariffs of her own on the U.S.