From the opinion pages of the Wall Street Journal, this is Potomac Watch.

Donald Trump promises immediate tariffs on Mexico and Canada upon taking office next year,

but is this bluster for negotiation or signs of a broader Trump approach toward tariffs and trade in his second

term. Welcome, I'm Kyle Peterson with the Wall Street Journal. We're joined today by my colleagues,

columnist Alicia Finley, and editorial board member Manet Uquay Barua. About 630 on Monday

evening, Donald Trump sent out the tweet heard around the world,

or at least heard in America's trading partners in the USMCA agreement. Here's what he said.

Thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels

never seen before. Right now, caravan coming from Mexico, composed of thousands of people,

seems to be unstoppable in its quest to come through our currently open border.

On January 20th, as one of my many first executive orders,

I will sign all necessary documents to charge Mexico in Canada a 25% tariff on all products

coming into the United States. This tariff will remain in effect until such time as drugs,

in particular fentanyl, and all illegal aliens stop this invasion. And Alicia, the big question,

the $1.8 trillion question, if I can put it that way, because that is the amount of trade, two-way trade between the United States, Canada, and Mexico.

Is Trump serious at this, or is this an effort to lay the groundwork for some kind of negotiation in his first days in office?

Well, I'm not sure those are actually mutually exclusive.

I think he is serious in his desire to impose tariffs as a household remedy, though I also think

this is a negotiating tactic in this instance to try to get Mexico to agree to some kind of

further limits on migration to do more to control its southern border,

so you don't have as many Central Americans and South Americans, particularly Venezuelans,

coming up, and maybe help with trying to repatriate migrants in the U.S. or come to the border

...