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.

A few weeks ago, the S&P 500 reached its highest point ever, rising 0.6 per cent. The Nasdaq composite gained 0.6 per cent, led by Microsoft and Big Tech, while the Dow Jones Industrial Average added 123 points, surging 0.3 per cent, to its own record set the day before.