Internet reports that despite the risk of tariffs, the US dollar is rising, but it is still only slightly higher than its lows in recent years. BBH analysts Win Thin and Elias Haddad pointed out in the report: "Although the US dollar is currently recovering slightly, we believe the downward trend in its fundamentals has not changed." They expect markets to resist the Fed's hawkish stance more strongly, putting further pressure on the dollar. At the same time, tariff policies may also aggravate the risk of stagflation and become another factor depressing the trend of the US dollar. "Just like Liberation Day at the time, today's tariff news may be the trigger for the next round of dollar decline."