The dollar gained and investors sold off stocks after the president-elect promised to levy new restrictions on the United States’ biggest trade partners.

Officials from Mexico, Canada and China warned of broad negative economic consequences after Trump called for a 25% tariff on imports from Canada and Mexico and an additional 10% levy on Chinese goods, until the countries clamped down on illicit drugs and migrants crossing the border.

Trump's promise to impose a 25% tariff on all imports from Canada and Mexico mimics his old strategy of using tariff threats as a negotiating tool.

With a Monday evening promise on Truth Social that his incoming administration will slap 25 percent tariffs on all goods from Canada and Mexico — as well as increasing already existing tariffs on China — Trump sent reporters (and investors,

Any speculation that U.S. President-elect Donald Trump would adopt a 'softly, softly' approach to his trade and economic policies was jolted overnight as he warned of immediate tariff hikes on Canada, Mexico and China - hitting the currencies of all three.

U.S. oil and gas lobbying groups said on Tuesday they were wary of President-elect Donald Trump's threat of tariffs on Canada and Mexico, saying such policies could affect consumers, industry and security.

Among the roster of officials filling out the Trump 2.0 team, the president-elect has picked more than a dozen operatives, lawyers and officials who attended his criminal trial in Manhattan earlier this year,