George Saravelos, an analyst at Deutsche Bank Research, said in a report that the more moderate the market's reaction to US tariffs, the greater the possibility of expanding such measures. The head of foreign exchange research at Deutsche Bank said, “The first Trump administration showed that the more moderate the market reaction, the greater the possibility of further upgrades.” Saravelos said tariffs are clearly still at the top of Donald Trump's policy agenda, and the president-elect promised on Monday that once he takes office, new tariffs will be imposed on Mexico, Canada and China.

George Saravelos, an analyst at Deutsche Bank Research, said in a report that the more moderate the market's reaction to US tariffs, the greater the possibility of expanding such measures. The head of foreign exchange research at Deutsche Bank said, “The first Trump administration showed that the more moderate the market reaction, the greater the possibility of further upgrades.” Saravelos said tariffs are clearly still at the top of Donald Trump's policy agenda, and the president-elect promised on Monday that once he takes office, new tariffs will be imposed on Mexico, Canada and China.