Another check on the administration could be the fear of tariff-induced inflation. Americans’ experience of the highest price rises in 40 years helped doom Kamala Harris’s election bid. Mr Trump may not want to be seen as the architect behind surging prices of everything from Americans’ breakfast avocados to their newest set of wheels.

The dollar gained and investors sold off stocks after the president-elect promised to levy new restrictions on the United States’ biggest trade partners.

Beijing's commerce ministry said tariffs wouldn't 'solve America's own problems.' Investors are taking a wait-and-see approach.