Betting on Mexico’s currency has paid off for investors even amid Donald Trump’s trade war. The peso is up more than 11% this year, beating all regional peers, even as it dipped Monday following the latest tariff news — a threat of a 30% levy announced over the weekend.

If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.

President Donald Trump unveiled the new duty rates, set to begin Aug. 1, in separate letters shared on social media Saturday morning.