Financial markets largely shrugged after Donald Trump outlined plans to impose punitive tariffs on Mexico and Canada as soon as next month while signing scores of executive orders on his first day in office. US markets were closed for Martin Luther King Day on Monday, so Asian markets were the first to respond. US stock futures pointed to modest gains on Wall Street when markets open for trading at 2.30pm GMT. Gold – seen as a safe haven asset – was back in favour, hitting a two-month high amid uncertainty over US tariffs. On Monday, Trump said he wanted to reverse the US trade deficit with the EU through tariffs or more US energy exports.
