For months, automakers have been taking a “wait-and-see” approach to the Trump administration’s potential tariffs.

Manufacturers from Asia, Europe and elsewhere have poured billions into North American supply chains that could be hit by new taxes on Mexico, Canada and China.

The dollar was edging higher against a basket of currencies, recovering modestly after falls the previous day following weak U.S. gross domestic product data. Markets turn cautious ahead of possible announcements by President Trump on tariffs,

Donald Trump's self-imposed deadline for a first round of tariffs on Canada, Mexico, and China looms in less than two days as economic observers and world leaders try to plan amid the uncertainty.

The man U.S. President Donald Trump has chosen to oversee his tariff agenda says hitting Canada with 25 per cent across-the-board duties would be an emergency measure to achieve border security — and could be followed by more tariffs in the future.