President-elect Donald Trump's threatened tariffs on imports from Mexico and Canada would reignite inflation in 2025, hurt the economy, experts say.

The 25% proposal marked an escalation from his campaign claims, as the ex-president previously proposed raising tariffs by 10%, or by 60% on goods imported from China—which is up from approximately 1% and 11% now, respectively, according to data from research firm Wolfe Research cited by the Wall Street Journal.

The dollar rose against major peers after Donald Trump threatened Canada and Mexico with a 25% tariff on all imports into the United States. Stocks were weak after strong gains globally in the previous session following hedge fund investor Scott Bessent being nominated as Treasury Secretary.