The president-elect’s market-friendly appointments to Treasury and other agencies brought relief to investors. The trade threat suggests that might be premature.

On Monday, Trump promised a new tariff on all products entering the U.S. from Mexico and Canada until the countries crack down on the flow of drugs and “illegal aliens,” he said in a Truth Social post.

If the president-elect follows through, consumers and businesses are likely to see prices rise on everything from fresh fruit to electronics