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

Reaction to Trump's day one promise to slap tariffs on three of the America's key trading partners: Mexico, Canada and China. The president-elect framed the proposal as a response to the fentanyl crisis.

Economists say the tariffs would act like a tax on American consumers, raising prices on any number of products. "We typically think as a rule of thumb that about 75% of the tariff will be passed onto consumers,