As stocks bounced to record highs last month despite threats from President Donald Trump’s trade policies, sticky inflation and a suddenly fragile economy, strategists theorized an invisible hand was at work: Trump’s.

The stock markets endured a turbulent day as Wall Street braced for the impacts of President Donald Trump’s tariffs on the U.S.’s largest trading partners. The president’s highly anticipated 25 percent trade tariffs on Mexico and Canada took effect Tuesday.

The hope on Wall Street is that Trump is using the threat of tariffs as a tool for negotiations and that he’ll ultimately go through with policies that would mean less damage for the global economy and trade. Tariffs could raise prices on everyday items even more for U.S. households, when high inflation has proven to be stubborn to subdue fully.