President Donald Trump isn’t expected to carry through on his threat to impose sweeping tariffs on the first day of his presidency, a move that economists have warned could lead to higher prices for Americans and hurt U.

Republican U.S. President Donald Trump on Monday floated the idea of universal tariffs but said the United States was not yet ready for such a step.

The incoming president has floated numerous tariff plans. Retailers say their livelihood could depend on which ultimately come to fruition.

On his first day in office, Trump reiterated his promise to tariff and tax foreign countries, but did not officially impose any.

Global shares and U.S. Treasuries were volatile on Tuesday, reversing a brief relief rally from early in the session in the first few hours of Donald Trump's new presidency after he announced plans for trade tariffs on neighbouring countries.

Still, Trump pledged in his inaugural address that tariffs would be coming and said foreign countries would be paying the trade penalties.