President Donald Trump on Thursday announced he will decide tonight on whether to impose sweeping 25% tariffs on Canada and Mexico related to their failure to regulate the flow of fentanyl into the United States, and said his administration is in the process of formulating tariffs for China as well.

Trump reiterated the pledge while speaking with reporters Thursday in the Oval Office as he signed executive actions related to Wednesday's deadly airplane collision.

Trump had threatened to levy those tariffs if the nations did not do more to help secure US borders from the inflow of undocumented migrants and illegal drugs. Markets, business and political leaders had been watching closely to see if Trump would follow through on a tariff threat. -Bloomberg

The news sent both the Mexican Peso, Canadian Dollar and Yuan in all sorts of directions, while the US Dollar spiked in response.

*OFFSHORE YUAN DROPS 0.4% TO SESSION LOW ON TRUMP TARIFF REMARKS

That said, the moves have faded somewhat after initial reports that Trump had decided, turned into 'deciding tonight...'