“There has been a view among some investors that Trump’s tariff talk was a negotiating tactic, a threat rather than a promise. That might still end up the case, but it’s clear that the president-elect has no intention of backing down for now.

U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China.

President-elect Donald Trump said Monday he would take executive action to impose a 25 percent tariff on products entering the U.S. from Canada and Mexico in an effort to try curtail the influx of drugs and migrants crossing the border.

Wall Street analysts believe Bessent will encourage Trump to roll back his aggressive plans for imposing tariffs on imported goods.

Bessent will lead President-elect Donald Trump’s Treasury Department. Bessent is the first out gay member of Trump’s Cabinet.

Bessent, an advocate for deficit reduction and deregulation, is a past supporter of Democrats who has become an enthusiastic supporter of Donald Trump.