Mexico’s peso and Canada’s dollar fell sharply in the early hours of Tuesday morning on the back of a social media post from president-elect Donald Trump outlining plans to impose 25% tariffs on all products imported from the two countries with which the U.S. shares a land border.

Stocks rallied and yields plunged as markets cheered Scott Bessent as Trump's pick to run the Treasury. The Dow and the Russell 2000 hit fresh records.

U.S. stocks are hanging near their records on Tuesday as Wall Street takes Donald Trump’slatest talk about tariffs in stride, even if they could roil the global economy were they to take effect. The S&P 500 rose 0.