Trump was quoted saying his team was thinking of tariffs around 25% which could be announced on Feb. 1 but offered no other specifics.

The U.S. dollar surged against neighboring currencies after President Trump said he plans to place 25% tariffs on imports from Canada and Mexico on Feb. 1, but there was some relief in Asian markets as investors adjusted to the new administration’s policy priorities.

The dollar pared some overnight losses on Tuesday after U.S. President Donald Trump suggested the United States could impose tariffs on Canada and Mexico in the near future, challenging suggestions his policies would be more gradual.