President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration, a policy that could sharply increase costs for American businesses and consumers.

In a post on Truth Social, Mr. Trump mentioned a caravan of migrants making its way to the United States from Mexico, and said he would use an executive order to levy a 25 percent tariff on goods from Canada and Mexico until drugs and migrants stopped coming over the border.

The president-elect says he would impose tariffs on all imports from Canada and Mexico, which could hurt the auto industry.

Get the latest news on the transition to the new administration of President-elect Donald Trump and a new Congress.

Among the roster of officials filling out the Trump 2.0 team, the president-elect has picked more than a dozen operatives, lawyers and officials who attended his criminal trial in Manhattan earlier this year,

The president-elect said he would sign an executive order immediately after his inauguration introducing a 25% tariff on all goods coming from Mexico and Canada and a 10% tariff on goods from China. Start the day smarter.