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.

Under President Donald Trump’s proposed plan, goods coming in from Mexico and Canada will be subject to a 25 percent tariff beginning on February 1st. White House press secretary Karoline Leavitt has also said Trump was “very much still considering” tariffs on China on the same day.