The president-elect will waste little time in making good on his campaign promise, pledging to impose 25% levies on Mexico and Canada on his first day back in the White House.

Donald Trump promised steep import tariffs that would be particularly painful for carmakers manufacturing in countries such as Mexico and Canada for the U.S. market.

The dollar rose against major peers on Tuesday after U.S. President-elect 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 fund manager Scott Bessent being nominated as Treasury Secretary,