The leaders of Mexico and Canada responded quickly, and in different ways. Justin Trudeau, Canada’s prime minister, jumped on the phone to Mr Trump to chat about the “intense and effective connections” between their countries. His deputy, Chrystia Freeland, released a statement about the importance of border security.

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.

CORRECTION: An earlier version of this report misstated the day President-elect Donald Trump threatened tariffs on Mexico, Canada and China.  President-elect Donald Trump has already begun to captivate financial markets with his unorthodox negotiating style,