U.S. President-elect Donald Trump has threatened to sharply raise tariffs on all Chinese imports and close some loopholes Chinese exporters currently use to sell their products more cheaply in the U.S.

President-elect Donald Trump vowed additional tariffs on China as well as US neighbors Canada and Mexico, providing a sharp counter to expectations that he might temper his trade policies during a second term.

The dollar gained and investors sold off stocks after the president-elect promised to levy new restrictions on the United States’ biggest trade partners.