The Mexican peso fell 1% against the dollar in a volatile session on Thursday after U.S. President Donald Trump reiterated his threat to impose 25% tariffs on Mexico and Canada, two of its top trade partners.

Over the weekend, US President Donald Trump informed his social network of Petro’s decision, which sparked several US retaliation measures including the tariff threat. Consequently, the Mexican Peso, used as a proxy for other Latin American currencies, weakened in early trading on Monday.

President Donald Trump’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.