But this week Trump moved closer to home, threatening 25% tariffs on all goods imported from Mexico and Canada and tying the tariffs to demands for better border control by both countries.

Stocks wavered Tuesday as investors digested Trump's latest tariff plans, which he said would include a 25% tariff on imports from Canada and Mexico.

The tariffs would be a significant escalation of Trump’s previous proposal, which was already a major increase on more targeted tariffs enacted during Trump’s first administration and kept in place by President Joe Biden.