Mere talk of tariffs will spur some consumers to run out and buy big-ticket items, or stockpile smaller ones, on the theory that prices will soon rise. That behavior, alone, could make prices increase . If Trump announces tariffs on his first day in office, as he has suggested, some prices could spike immediately.

President-elect Trump has put the country’s top three trading partners on notice less than two months before he takes office. The former president threatened Monday to impose steep 25 percent tariffs on all goods from Canada and Mexico — two key U.

On Monday, Trump threatened to impose new tariffs on Mexico, Canada and China – the United States’ three biggest trading partners – as soon as he takes office, on Jan. 20.