President-elect Donald Trump plans to impose new tariffs on Canada, China, and Mexico on his first day in office. This follows his recent appointment of billionaire hedge-fund manager Scott Bessent as Treasury Secretary.

In this week’s episode of Capitol Gains, anchor Akiko Fujita, Washington Correspondent Ben Werschkul, and Senior Columnist Rick Newman discuss the legal, consumer, and market implications of Trump’s proposed tariffs on US imports.

The team was also joined by the Tax Foundation senior policy analyst and modeling manager Garrett Watson to explore which of Trump's tax proposals are most noteworthy and could have the greatest impact on the nation's economy.

“The central focus headed into next year for sure, and the top priority for Congress in particular is gonna be the looming expiration of the individual side of the 2017 tax law,” Watson said.

According to Watson, 60% of American households would experience a “tax hike” if the Tax Cuts and Jobs Act were to expire in 2025.

Watch more episodes of Capitol Gains here. Capitol Gains is Yahoo Finance’s unique look at how US government policy will impact your bottom line long after the Presidential election polls have closed.

This post was written by Shelby Boamah.