Trump's Tariff Threat Sparks Global Currency Shake-up

President-elect Donald Trump's announcement of impending tariffs on imports from Canada, Mexico, and China sent their currencies plummeting against the dollar. This move has raised concerns about potential trade wars and economic repercussions, affecting the Mexican peso, Canadian dollar, and China's yuan markedly.

President-elect Donald Trump has announced plans to impose tariffs on products from Canada, Mexico, and China, prompting a significant decline in their respective currencies against the U.S. dollar. This revelation has fuelled fears of trade wars, adding to economic uncertainty globally.

Following Trump's threat of a 25% tariff on goods from Canada and Mexico, and an additional 10% on Chinese products, the Mexican peso fell to its lowest level since July 2022 against the dollar. The developments have resulted in warnings of retaliatory economic actions from affected nations.

Amidst thin trading ahead of Thanksgiving, the U.S. dollar surged against major currencies, including the Canadian dollar and China's yuan. Experts warn that the heightened volatility under the Trump administration could lead to further unpredictability in global markets.

(With inputs from agencies.)