Trump said in a post to Truth Social on Monday that one of his first executive orders would be to hit Mexico and Canada with a blanket 25% tariff. Mexico and Canada are the second and third top suppliers of goods to the U.S., according to the Office of the U.S. Trade Representative. The U.S. imports the most goods from China.

Another check on the administration could be the fear of tariff-induced inflation. Americans’ experience of the highest price rises in 40 years helped doom Kamala Harris’s election bid. Mr Trump may not want to be seen as the architect behind surging prices of everything from Americans’ breakfast avocados to their newest set of wheels.