President Donald Trump’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.

US President Donald Trump has said he will follow through with his threat to hit imports from Canada and Mexico with 25% border taxes, known as tariffs, on 1 February. But he added that a decision about whether this would include oil from those countries has not yet been made.

WASHINGTON (Reuters) -U.S. President Donald Trump on Thursday said he would likely decide by the end of the day whether to put a 25% tariff on imports of Mexican and Canadian oil that would take effect on Feb 1. "We may or may not. We're going to make that determination probably tonight," Trump told reporters at the White House.