Trump's tariff plans impact Canadian dollar, peso, and yuan

U.S. President-elect Donald Trump announced plans to impose a 25% tariff on imports from Canada and Mexico starting on his first day in office. He also proposed an additional 10% tariff on Chinese imports, causing significant fluctuations in the currencies of these countries. The U.S. dollar rose sharply against the Canadian dollar, Mexican peso, and Chinese yuan, reflecting market concerns over Trump's trade policies. The Canadian dollar and peso fell more than 2% against the dollar, while the yuan also weakened. In other market news, U.S. Treasury yields fell following the announcement of Scott Bessent as Treasury Secretary. Wall Street indexes reached new highs, with the Dow Jones Industrial Average setting a record, as investors reacted to the evolving economic landscape.