The U.S. dollar rose on Tuesday after President-elect Donald Trump said he would impose tariffs on products coming into the United States from Mexico, Canada and China, as investors braced for policies that could set the stage for trade spats.

Stock markets fell and the dollar rallied Tuesday after Donald Trump warned he would impose huge new tariffs on China, Mexico and Canada on his first day in office, dealing a blow to hopes of a more moderate approach to trade policy.

The U.S dollar rose against some currencies after U.S. President-elect Donald Trump pledged to impose new tariffs on imports from Canada, Mexico and China, while MSCI's global equity index was higher after the release of the Federal Reserve's latest meeting minutes.

Stock markets retreated and the dollar was mixed Tuesday after Donald Trump warned he would impose huge new tariffs on China, Mexico and Canada immediately on taking over as US