Trump said in a post on Truth Social that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs.

General Motors, Ford and Stellantis shares slid Tuesday after President-elect Trump threatened 25% tariffs on all imports from Canada and Mexico. The move by the new administration would likely stop American car demand in its tracks,

The dollar strengthened and Asian shares dropped after President-elect Donald Trump said the US will impose additional 10% tariffs on Chinese goods and place 25% levies on imports from Mexico and Canada.