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.

U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way. The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago.

U.S. stocks are rising toward records and adding to last week’s gains. The S&P 500 rose 0.6% Monday and was on pace to edge past its all-time high set two