Mexico would retaliate with its own tariffs on U.S. imports if Donald Trump follows through on his threats to impose 25% duties on Mexican goods, the country's secretary of economy Marcelo Ebrard warned.

The slump in the peso, which reached 20.8 to the dollar after the race was called for Mr Trump, its lowest rate in two years, illustrates the scale of the economic damage that investors believe Mexico could suffer.

Donald Trump has threatened new, higher tariffs on two of California’s biggest trade partners, China and Mexico. The state’s workers and economy could feel the most impact.

Robert Lighthizer — who served as Donald Trump's U.S. Trade Representative — is on a mission to "convince lawmakers and the public that their plans for dramatically higher tariffs will energize the economy instead of tanking it,