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.

The 25% tax that President Donald Trump plans to slap as soon as Saturday on imports from Canada and Mexico could drive up the price of everything from gasoline to pickup trucks to the guacamole dip that features so prominently at American Super Bowl parties.

The president reiterated that tariffs are coming, even as his advisers are considering several offramps to avoid enacting universal tariffs on Mexico and Canada, people familiar with the matter say.