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Karl Schamotta, chief market strategist at 91����� Inc., said it appears foreign exchange traders are betting on more of a targeted tariff approach from Trump rather than a universal application, as “currencies most vulnerable to a potential rise in U.S. protectionism — such as the Mexican peso, Canadian dollar, and Chinese yuan — moved less than expected” during (Wednesday’s) session. “While a blanket tariff might harm individual trading partners, the cumulative impact of retaliatory actions could damage the U.S. economy just as severely,” he said in a note on Thursday. “Instead, the market seems to be pricing in a more targeted approach, with protectionist actions focused on China and countries with significant transshipment flows.”