Markets decline as Trump announces new tariffs on Canada, Mexico, and China

Donald Trump's recent social media posts have caused significant shifts in global markets. He announced plans to impose tariffs on Canada, Mexico, and China upon returning to the White House, leading to a drop in the Australian dollar and losses on the ASX. The Australian dollar fell to a seven-month low as investors reacted to Trump's proposed 25% tariffs on Canada and Mexico, and a 10% tariff on China. This move marks a departure from the previous trade agreements he had renegotiated. Trump's justification for the tariffs includes claims about crime and drug issues linked to these countries, particularly citing the fentanyl crisis in the U.S.