The U.S. dollar rose on Tuesday, recovering from its biggest daily percentage drop in 14 months after President Donald Trump suggested the U.S. could impose tariffs on Canada and Mexico by Feb. 1, countering expectations he might take a gradual approach.

Trump was quoted saying his team was thinking of tariffs around 25% which could be announced on Feb. 1 but offered no other specifics.

U.S. President Donald Trump's threat to impose tariffs on imports from China could send shockwaves through global supply chains that experts warn could raise prices on everything from big-ticket household goods to dollar store purchases in Canada.