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 wavered Tuesday as investors digested Trump's latest tariff plans, which he said would include a 25% tariff on imports from Canada and Mexico.

The stock market is on fire, and Donald Trump’s election win is the match that lit it. The S&P 500 hit record highs as investors jumped on the so-called Trump trade, banking on the president’s pro-business policies.