Trump stated this morning that a 25% tariff will be imposed on all products entering the United States from Mexico and Canada. As a result, the dollar quickly strengthened, rising by 0.4%, and all non-U.S. currencies fell, with the Canadian dollar and Mexican peso experiencing the largest declines, the latter dropping over 1.2%. Spot gold and silver also faced pressure from the strong dollar, with silver falling below $30 per ounce.