The president-elect announced on Monday that he intends to impose a 25 percent tariff on goods from Canada and Mexico.

The popular wisdom had become that he wasn’t really that serious, and the key bit of evidence for that was his nomination of hedge fund investor Scott Bessent as his Treasury Secretary, someone seen as a moderate when it came to tariffs compared with others whose names were floated for the role.

President-elect Donald Trump said he would impose a tariff on products from Canada and Mexico until they stop flow of drugs, migrant crossings.

Global shares retreated on Tuesday as worries spread over President-elect Donald Trump’s comment that he plans to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office.

Economists had expected Donald Trump’s new tariffs would be reined in by common sense, they were wrong. On Monday evening, the U.S. president-elect pledged across-the-board tariffs of 25% on Mexico and Canada,