Chinese markets were relieved after Beijing avoided an instant blizzard of executive orders, but Mexico's peso and Canada's dollar weren't so lucky.

Trump underscored his intention to use tariffs as a tool of international economic policy and an increasingly vital source of government revenue.

On the campaign trail, Mr Trump promised a 10 per cent to 20 per cent charge on all imported goods and 60 per cent on Chinese products. He also vowed a 25 per cent tariff on all products from Canada and Mexico, and an additional 10 per cent duty on Chinese goods.

MOST Asian markets extended a global rally on Wednesday as investors gave a cautious welcome to Donald Trump’s first full day in office amid hopes he will take a more cautious approach on trade than initially feared.

Donald Trump will issue a broad trade memo on Monday that stops short of immediately imposing new tariffs on his first day in office but directs federal agencies to evaluate U.S. trade relationships with China,

As Donald Trump is sworn in as the 47th president, he's not expected to impose China-specific tariffs on his first day in office, signaling a strategic shift toward engagement with Beijing rather than reigniting a trade war.

Base metals declined after US President Donald Trump said he would likely enact tariffs on Mexico and Canada by Feb. 1, hurting market sentiment even as he held off from imposing levies on China.

Most Asian markets extended a global rally Wednesday as investors gave a cautious welcome to Donald Trump's first full day in office amid hopes he will take a more cautious approach on trade than initially feared.

President Claudia Sheinbaum is detaining more migrants, seizing more fentanyl and positioning her country as a key ally against China. But the U.S. stance has shifted, too.

Within hours of his return to the White House, Trump (pictured) signed a flurry of executive orders and signalled an era of upheaval for the world economy.

“They don’t take our cars, they don’t take our farm products, they don’t take almost anything,” said Mr Trump, in reference to US trade with EU. “And yet, we take their cars and we take their farm products, we take a lot from them. So we’ll figure that out with either tariffs or they have to buy our oil.”