The dollar bounced back after posting its steepest drop in 14 months amid bets that US President Donald Trump’s tariff plans would spur inflation and prevent further interest-rate cuts from the Federal Reserve.

Trump pledged in his inaugural address that tariffs would be coming in a speech in which he promised a golden era for America. He later said Canada and Mexico could be hit with the tariffs as soon as Feb. 1, though he signed an executive order requesting a report coordinated by the Secretary of Commerce by April. 1.

Canadian Prime Minister Justin Trudeau warned U.S. President Donald Trump that his renewed pledge to impose a 25% tariff on all Canadian imports risks derailing his effort to usher in a “golden age” for America,