Global policymakers and Wall Street analysts have been bracing for massive trade barriers from the new Trump administration. But it focused more on the domestic front in the first week in power, leaving the global trade landscape largely unchanged.

President Donald Trump affirmed on Thursday that imports from U.S. allies Mexico and Canada will be hit with a 25% tariff starting on Saturday. Speaking to the press from the Oval Office, Trump said that his administration will follow through in announcing tariffs on America’s neighboring countries for “a number of reasons”—chiefly among them being an alleged influx of migrants at the U.