Trump's belligerence on tariffs is a negative for risk, at the margin.

Comments now from Trump:

  • tariffs may go higher than 25%

Trump didn't specify any tariffs in particular. Maybe just a blanket move, but who knows?

Yesterday we had a colleague of his emphasising Trump's commitment to tariffs:

The recession narrative continues to gain pace. There are plenty of market participants eyeing the deliberate Trump engineering of a recession as a danger, in that once an economic collapse starts its difficult to finesse.

USD wrecking ball
Source: Forex Live