Canada and Mexico’s currencies also took a hit after Trump threatened 25 percent tariffs on products from those countries entering the U.S.
Global markets were jolted Tuesday after President-elect Donald Trump said he would impose extra tariffs on products entering the U.S. from China, Canada and Mexico.
On Monday, Trump announced in two posts on his social media platform Truth Social that he would impose an additional 10 percent tariff on products from China entering America, and a 25 percent tariff on those entering from Canada and Mexico « until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! »
Markets in Asia dropped on the news, with both Japan’s benchmark Nikkei 225 Index and China’s Shanghai Composite closing lower. Meanwhile, the U.K.’s FTSE 100 opened down on the day before.
U.S. futures however were largely unchanged Tuesday morning ahead of markets opening in New York.
