The South Korean won and the Malaysian ringgit fell most among Asian currencies on Friday as investors assessed the possibility of new tariffs on Canada, Mexico and possibly China under US President Donald Trump.

The ringgit slipped 0.7% and was set for its weakest trading session in six weeks, while the won dropped 1.6%.

The dollar index was higher ahead of Feb. 1, the date on which Trump has threatened to impose 25% tariffs on imports from Canada and Mexico.

Trump has also threatened a 10% tariff on goods imported from China.Mexico, Canada and China are the United States’ three largest trading partners, accounting for more than $2.1 trillion in annual imports and exports.

The Mexican peso last traded marginally higher, after a 1% fall in a volatile session on Thursday, while the Canadian dollar languished near a five-year low.

Markets in China were closed for the Lunar New Year holidays.

Analysts at Barclays believe the tariff threats to emerging markets currencies are “merely delayed”.

Asian currencies: S Korean won inches higher

“Many Asian currencies have outperformed, suggesting risks of relatively more risk of weakness should tariff threats intensify against China,” they said in a report.

The analysts see scope for the Thai baht and the Philippine peso to depreciate further. They also see risks to the won, ringgit and the Singapore dollar given their vulnerability to sectoral tariffs and high direct and indirect export shares to the USThe baht, peso, and Singaporean dollar were last marginally lower.

The Indonesian rupiah weakened 0.3% and was set for its worst monthly drop since July.

The Indian rupee slipped to an all-time low with traders suggesting the Reserve Bank of India (RBI) probably stepped in to support the currency.

Regional equity markets were mixed, with shares in Seoul dropping as much as 1.6%, following a four-day holiday break.

Singapore’s benchmark index rose up to 2% to a four-week high on the back of a 2.3% rise in its banking sub-index.

DBS Group, the biggest bank in Southeast Asia, rose 3.1%.

Stocks in Thailand slipped 0.8%. Indonesian equities added 1.2%, after falling 1.3% in the previous session.

Investor focus is now on the December US personal consumption expenditures (PCE) price index report due later in the day.

They are also awaiting a slew of regional inflation data next week, including from Indonesia, the Philippines and Thailand.