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.

President Donald Trump says his 25% tariffs on Canada and Mexico are coming on Saturday. Trump also said he'll "probably” decide on Thursday night whether to include oil from those countries as part of his import taxes.

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.