Trump has repeatedly insisted that tariffs are coming on Canada and Mexico, despite both countries seeking to address his stated concerns about illegal border crossings and the smuggling of fentanyl. But the Republican president is also motivated by the idea that tariffs would force other countries to “respect” the United States.

Upon returning to office, U.S. President Donald Trump has launched numerous tariff threats. They range from broad ones - a universal tariff on foreign-imported goods - to ones aimed at specific sectors,

A short-lived tariff feud with the Latin American nation underscored the president's propensity to use economic sanctions as political leverage.

The dollar strengthened against all of its peers on Tuesday as comments from President Donald Trump and his Treasury Secretary stoked concern about widespread US trade tariffs.Most Read from Bloomberg

The dollar firmed on Monday as traders pondered the ramifications of U.S. President Donald Trump's tariff plans at the start of a week in which the Federal Reserve is widely expected to hold interest rates steady.