President Trump’s tariff announcements – labelled "Liberation Day" by the White House – mark the most significant act of US protectionism in over a century. With global markets downplaying trade risks in the run-up to the speech, the scale and scope of the new tariffs have come as a shock, and will likely affect market sentiment and potentially cause the USD to sink further. The main winner may be Mexico and the MXN.
Baseline Tariff: A 10% blanket tariff on all US imports takes effect on 5 April.
Country-specific tariffs effective on 9 April ranging from 10 to 50%