ING Groep Analyst Chris Turner pointed out in a report that the market has underestimated the risks to the euro from the reciprocal tariffs that will take effect in the USA on April 2. "The EU (led by Germany) has a significant trade surplus with the USA and is likely to become the primary target of the US government's adjustments to global trade policies." ING Groep expects that due to the tariffs implemented by the USA, the euro to dollar Exchange Rates will fall to 1.05 by the end of the second quarter.