Donald Trump’s return to the presidency has reignited market volatility, with his inauguration sparking sharp currency swings. A tariff-free speech initially weakened the U.S. dollar, but surprise announcements of 25% levies on Canada and Mexico sent the loonie and peso tumbling. Markets are on edge, recalling Trump’s dealmaker tactics, as similar threats to China and the EU emerged, albeit tempered with negotiation hints. The yen strengthened on policy tightening expectations in Japan, while Bitcoin hit a record high before retreating. European markets await UK jobs data and Germany’s ZEW sentiment survey amid broader uncertainty.