The president-elect’s market-friendly appointments to Treasury and other agencies brought relief to investors. The trade threat suggests that might be premature.

On Monday, Trump promised a new tariff on all products entering the U.S. from Mexico and Canada until the countries crack down on the flow of drugs and “illegal aliens,” he said in a Truth Social post.

Leaders in Mexico and Canada responded to the president-elect’s proposed new tariffs. Observers said the plan might just be the first step in negotiations.

With a Monday evening promise on Truth Social that his incoming administration will slap 25 percent tariffs on all goods from Canada and Mexico — as well as increasing already existing tariffs on China — Trump sent reporters (and investors,

Among the roster of officials filling out the Trump 2.0 team, the president-elect has picked more than a dozen operatives, lawyers and officials who attended his criminal trial in Manhattan earlier this year,