It had seemed like nothing could stop the U.S. dollar from marching higher. Then a headline about President-elect Donald Trump’s tariff plans landed in traders’ newsfeeds, and suddenly all bets were off.

U.S. stock futures were rising early Tuesday as the market grapples with possible repercussions from any tariffs imposed by President-elect Donald Trump. Trump quashed speculation that he would pare back plans to introduce across-the-board tariffs on imports when he takes office later this month.

A recent survey by CNBC found that most investors believe the stock market will flourish in a second Trump term. But that sentiment could be nostalgic thinking at work because many remember the S&P 500's gains during much of Trump's first four years in office.

The U.S. dollar was close to a one-week low on Tuesday as markets await U.S. economic data while assessing whether President-elect Donald Trump's policies on tariffs will align with his rhetoric. Investors have been pricing in a scenario where the implementation of widespread tariffs could boost U.