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 warned Canada and Mexico to expect tariffs of 25% on exports to the United States starting Saturday.

Mexico and Canada are Wisconsin’s two largest trading partners, supporting a combined $25 billion in cross-border trade in 2023.