The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

President-elect Donald Trump has already begun to captivate financial markets with his unorthodox negotiating style, as evidenced by the reaction to his Monday night threat to impose 25% tariffs on Mexico and Canada and a surcharge tariff of 10% on China.