Earlier this week, Trump vowed to impose new tariffs on goods from China, Canada and Mexico - America's top three trade partners. He said he would introduce 25% tariffs on imports from Mexico and Canada and "an additional 10% tariff, above any additional tariffs" on imports from China.

Justin Trudeau, Canada's prime minister, told reporters on Tuesday that he had a "good" conversation with Trump following the president-elect's post.

Mexican President Claudia Sheinbaum says that the incoming U.S. president’s plan to institute massive tariffs on Mexican imports would bring about mutually assured economic destruction.