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.

The euro gained on Tuesday after Europe escaped the latest round of Donald Trump’s trade tariff threats and as investors positioned for what historically has been the strongest month for the currency.

Trump may have placated financial markets with his pick for Treasury Secretary, however, he has reminded Scott Bessent who is boss, with his warning shot to Canada, Mexico and China on tariffs. The President posted on his Truth Social platform that he would impose an extra 10% tariff on Chinese goods and 25% on all goods coming from Canada and Mexico.