MEXICO CITY — Mexico’s president responded angrily Tuesday to President-elect Donald Trump’s pledge to impose a 25 percent tariff on its products if the country didn’t curb the flow of irregular migrants and fentanyl, warning that the penalties would only wind up causing inflation and unemployment in the United States.

President-elect Trump is vowing to impose new tariffs on Canada, Mexico and China. NBC News' Guad Venegas, CNBC senior Washington correspondent Eamon Javers, New York Times chief White House correspondent Peter Baker and former chief of staff to VP Pence Marc Short join Chris Jansing to discuss the impact of the tariffs on prices of goods.

The President-elected abruptly vowed to impose blanket duties on all imports from Mexico and Canada, promising 25 percent levies to punish them over immigration and fentanyl smuggling.