This past week has been strong for the U.S. Dollar Index DXY — its best since October 2022, in fact. It’s a far cry from the first half of this year, when the index lost almost 11% — the worst first-half return on record since the index was created in the early 1970s.

Trump just upended the TACO Trade by signing an executive order with an updated list of tariffs that was tougher than markets were expecting.