The euro fell to a three-week low early on Monday while the Mexican peso also came under pressure after U.S. President Donald Trump threatened to impose a 30% tariff on imports from two of the largest U.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.