President Donald Trump’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.

The president reiterated that tariffs are coming, even as his advisers are considering several offramps to avoid enacting universal tariffs on Mexico and Canada, people familiar with the matter say.

US President Donald Trump has said he will follow through with his threat to hit imports from Canada and Mexico with 25% border taxes, known as tariffs, on 1 February. But he added that a decision about whether this would include oil from those countries has not yet been made.