George Saravelos, from the research department of deutsche bank, stated in a report that financial markets significantly underestimated the risks posed by the proposed trade tariffs in the usa and the policy changes of President-elect Trump. He mentioned that Canada is the developed market country most affected by the new tariffs, yet the risks are being severely underestimated. Saravelos, the forex research director at deutsche bank, mentioned that the newly announced tariff plan could have a significant economic impact. "Although limited to three countries, the economic impact is immense because it involves the three largest trading partners of the usa after the eurozone."