Morning from Copenhagen.

The tariffs on Mexico, Canada, and China are now fully in effect after a couple of weeks of market speculation on whether the tariff announcements were just another “cry wolf” event or whether Trump actually meant business. It has now become evident that the latter holds true.

China has already begun discussing counter-tariffs this morning—up to 15%—specifically targeting agricultural products. While we initially believed that reciprocal tariffs would turn into a race to the bottom on VAT and tariff rates, that is no longer the case.

Markets had started to assume that tariffs could be called back at any point in time—also in Europe—and the cementing of tariffs as firm policy is likely why European equities are selling off sharply today.

So, who will avoid tariffs now that Trump has confirmed there is no reason to bet against him?