President-elect Donald Trump’s threatened tariffs might be more of a political negotiating tactic than a set-in-stone policy, but the outcome is sure to have huge impacts on American consumers.

Donald Trump has announced 25% tariffs on Mexico and Canada. Here is how they would work and what such tariffs might mean.

CORRECTION: An earlier version of this report misstated the day President-elect Donald Trump threatened tariffs on Mexico, Canada and China.  President-elect Donald Trump has already begun to captivate financial markets with his unorthodox negotiating style,