But this week Trump moved closer to home, threatening 25% tariffs on all goods imported from Mexico and Canada and tying the tariffs to demands for better border control by both countries.

If they are imposed, the tariffs will hurt American consumers most of all. The North American supply chain is integrated; nearly $1trn-worth of goods crossed the northern and southern borders of the United States last year.

The tariffs would be a significant escalation of Trump’s previous proposal, which was already a major increase on more targeted tariffs enacted during Trump’s first administration and kept in place by President Joe Biden.

President-elect Trump’s emphatic promise of new tariffs is sharpening the debate over how he will handle the economy. It’s likely the single most important domestic issue of his second term. Trump is poised to enjoy almost perfect timing in taking the reins of an economy on the rise.