Trump insists that tariffs are paid for by foreign countries. In fact, its is importers — American companies — that pay tariffs.

President-elect Trump has promised to impose 25% tariffs on all goods imported from Canada and Mexico, and tariffs as high as 60% on goods coming from China on day one of his new administration. What will these protectionist policies accomplish?

The companies are urging the president-elect to reimpose duties on steel from the U.K., the EU and Japan, accusing foreign rivals of unfair market practices.

President-elect Donald Trump has vowed to impose import tariffs on products entering the United States from Mexico, Canada and China, starting on his first day in office.