The 25% proposal marked an escalation from his campaign claims, as the ex-president previously proposed raising tariffs by 10%, or by 60% on goods imported from China—which is up from approximately 1% and 11% now, respectively, according to data from research firm Wolfe Research cited by the Wall Street Journal.

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 polices that could set the stage for a trade war.