Many of the prime minister’s political opponents were as critical of him as about the president-elect’s plan, which would adversely affect Canada’s economy.

Prime Minister Justin Trudeau is set to meet with the country’s premiers this afternoon, after they asked for an urgent meeting on U.S.-Canada relations ahead of the incoming Donald Trump administration.

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.