Mexico’s peso and Canada’s dollar fell sharply in the early hours of Tuesday morning on the back of a social media post from president-elect Donald Trump outlining plans to impose 25% tariffs on all products imported from the two countries with which the U.S. shares a land border.

Stocks are shrugging off a new Trump tariff threat as the President-elect vows sweeping levies on the biggest U.S. trading partners.

Stocks rallied and yields plunged as markets cheered Scott Bessent as Trump's pick to run the Treasury. The Dow and the Russell 2000 hit fresh records.

The stock market reacted positively to President-elect Donald Trump's pick for Treasury secretary, hedge fund CEO Scott Bessent. CBS MoneyWatch correspondent Kelly O'Grady has more.

The Dow Jones Industrial Average closed at a record high Monday as investors breathed a sigh of relief over the selection of hedge-fund founder Scott Bessent as Treasury Secretary.