Financial markets gave a mixed verdict on US President Donald Trump’s first day in office as traders took heart from an absence of immediate sweeping tariffs on all trade partners, while also expressing caution over likely future measures.

Chinese shares led gains in Asia after Trump at least initially opted against announcing any new levies on the country. At the same time, the dollar rose as he said he planned to impose threatened tariffs of as much as 25% on Canadian and Mexican imports as soon as Feb. 1. Treasuries advanced.

The limited commentary on trade restrictions so far underscores the risk of higher volatility across financial markets as he kickstarts his second four-year term. The whipsaw trading in Asia came after US stock futures had rallied and the dollar fell Monday when Trump had appeared to be holding off from using executive orders to impose higher global tariffs.

The Canadian dollar and Mexican peso both tumbled as much as 1.4% following Trump’s tariff threats.

Source: FINANCE.YAHOO