The dollar initially weakened after Trump’s inaugural address did not explicitly announce tariffs, but rallied after he said the US could impose 25 per cent levies on Mexico and Canada. Trump postponed the ban on TikTok but said he “certainly could” put tariffs on China if Beijing failed to approve a deal to sell the app to a US company.

This is the second time Trump tried to withdraw from WHO, with the first attempt in July 2020 at the height of the COVID-19 pandemic.

Public health experts say U.S. withdrawal from the W.H.O. would undermine the nation’s standing as a global health leader and make it harder to fight the next pandemic.