Mexican President Claudia Sheinbaum schooled Trump, warning that his plan for tariffs on imported goods would result in mutually assured economic destruction for both countries.

Mexican President Claudia Sheinbaum said on Tuesday that Mexico would raise tariffs on imports from the United States if President-elect Donald Trump follows through on his threat to issue a 25% tariff on Mexican imports after taking office.

Put simply, tariffs are a tax on imports. Here's what Donald Trump did with them in his first term and how they impact the economy.