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.