The Indian rupee will be under pressure on Tuesday after U.S. President-elect Donald Trump pledged to impose tariffs on all imports from Canada and Mexico and levy an additional 10% tariff on Chinese products,

If enacted, they would violate the 2020 deal that the United States inked with Canada and Mexico during Donald Trump’s first term.

Markets expect the Fed would need to keep rates higher to counter inflation that could be caused if Trump follows through on his threat.