Donald Trump has fired the first shot. Goods arriving in America from Canada and Mexico will meet tariffs of 25% as soon as he returns to the White House, the president-elect announced on November 25th. Mr Trump also said that he would impose additional 10% tariffs on Chinese goods. With two months to go before his inauguration, the promise is rippling through financial markets. Mr Trump is not wasting any time in seeking to exert America’s influence.