10 takeaways from Trump’s tariff warning

Last night, President-elect Donald Trump spoke to Truth Social to declare his intention to impose new tariffs on China, Canada and Mexico immediately after returning to the White House.

Trump said he would take action unless those countries took steps to reduce the flow of undocumented migrants and illegal narcotics into the United States.

So far, the market reaction has been rather muted, with US stocks appearing largely unaffected by the news. The biggest impact was felt in the foreign exchange market, where the U.S. dollar hit multi-year highs against the Canadian dollar and the Mexican peso. Exchange-traded funds holding Mexican and Canadian stocks also opened lower.