The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

If enacted, they would violate the 2020 deal that the United States inked with Canada and Mexico during Donald Trump’s first term.

President-elect Donald Trump has already begun to captivate financial markets with his unorthodox negotiating style, as evidenced by the reaction to his Monday night threat to impose 25% tariffs on Mexico and Canada and a surcharge tariff of 10% on China.