Any reaction to Trump’s inauguration from the US stock markets will come on Tuesday after they closed on Monday for the Martin Luther King Jr national holiday, said Fiona Cincotta, senior market analyst at City Index.

In the currency markets “plans and discussions of levies on Canada and Mexico saw those currencies fall sharply,” she told the BBC’s Today programme.

The euro and the pound were also lower, she said.

Oil fell on the prospect of more supply, and Bitcoin was higher due to Trump’s pledges of support for cryptocurrencies.

Tim Waterer, chief market analyst at financial services firm KCM Trade, said “market sentiment was dented during the signing of executive orders by President Trump in the Oval Office”.

“Investors heard more explicit details regarding the Trump tariff agenda, which sullied the market mood somewhat.”

Other analysts warned that Trump’s return to the White House will reintroduce an element of unpredictability in the markets.

“The first few hours of Trump administration have underscored that policy environment will be dynamic once again and markets should brace for volatility,” said Charu Chanana, chief investment strategist at investment bank Saxo.

Trump advisor Judy Shelton said Trump’s “main priority is re-energise the private sector”.

He wants to “unleash the individual through more economic liberty, through lower taxes, through less regulation”, she said.

She said tariffs were “a very effective negotiating tool” and it will be used “with our closest neighbours and largest trade partners Mexico and Canada” with regard to immigration.

She said tariffs would not necessarily be inflationary for Americans – people may not pay higher prices for imported goods, and instead turn to US producers.