With the possibility of a multi-front trade war looming over the January inauguration of President-elect Donald Trump, tariffs are the name of the game for economic forecasts.

Officials from Mexico, Canada and China and major industry groups warned that U.S. President-elect Donald Trump's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.

The president-elect says he would impose tariffs on all imports from Canada and Mexico, which could hurt the auto industry.

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With a Monday evening promise on Truth Social that his incoming administration will slap 25 percent tariffs on all goods from Canada and Mexico — as well as increasing already existing tariffs on China — Trump sent reporters (and investors,