Mexico’s peso and Canada’s dollar fell sharply in the early hours of Tuesday morning on the back of a social media post from president-elect Donald Trump outlining plans to impose 25% tariffs on all products imported from the two countries with which the U.S. shares a land border.

Stocks are shrugging off a new Trump tariff threat as the President-elect vows sweeping levies on the biggest U.S. trading partners.

Former hedge fund manager Scott Bessent is seen as a steady hand to lead the Treasury Secretary with his deep market expertise.