Trump has also threatened to introduce tariffs - a tax on imports - on goods from Canada and Mexico, but paused these for 30 days after both countries agreed to boost border security. The US president has said tariffs are needed to help the American economy and to "protect" the country from the "major threat of illegal aliens and deadly drugs".

Stocks and cryptocurrency plummeted over the weekend as the economy began to brace for impact ahead of Trump’s tariffs. The Dow dropped nearly 1,000 points between Friday afternoon and Monday morning,