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US stocks rose and Mexican and Canadian currencies slid a day after Donald Trump’s inauguration, as investors assessed a barrage of policy announcements from the new president’s administration.
The S&P 500 added 0.5 per cent after the New York opening bell, while the technology-heavy Nasdaq Composite also rose 0.5 per cent. Both markets had been closed on Monday for a public holiday.
Speaking in the Oval Office late on Monday, Trump said he could enact tariffs of 25 per cent against both Mexico and Canada as soon as February 1, repeating earlier threats to strike two of the US’s closest trading partners with levies to retaliate for weak border security and fentanyl trafficking.
He also unleashed a blitz of executive orders focused on issues ranging from US energy production, to deregulation, echoing campaign promises.
Trump’s renewed tariff warnings sent the…