The dollar initially weakened after Trump’s inaugural address did not explicitly announce tariffs, but rallied after he said the US could impose 25 per cent levies on Mexico and Canada. Trump postponed the ban on TikTok but said he “certainly could” put tariffs on China if Beijing failed to approve a deal to sell the app to a US company.

This is the second time Trump tried to withdraw from WHO, with the first attempt in July 2020 at the height of the COVID-19 pandemic.

Ooh, that’s a big one,” Donald Trump said Monday as he signed an executive order – one of dozens during his first hours as president – to withdraw the United States from the World Health Organization.