The Trump administration’s tariffs are hitting companies that do business in the United States. But prices haven’t reflected them yet in many cases.

But for many foreign companies, the slide in the US dollar has incentivized them to raise their invoice prices to compensate, according to Wells Fargo. And Deutsche Bank’s Saravelos said the pressure on US firms so far to bear tariff costs is another headwind for the greenback, which is already on its worst start to a year since the 1970s.

Trump’s proposed 15% ‘universal tariff’ could cost American households an extra $2,400 a year, raising consumer prices and shaking the economy as a key deadline nears.