The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

Mexican officials were caught off guard by Donald Trump’s threat to impose a 30% tariff on Mexican goods, despite months of high-level talks, joint anti-drug efforts, and growing diplomatic cooperation along the border.

Analysts at Citi and at Deutsche Bank have looked into who is paying for the tariffs imposed by the Trump administration this year.