Core Viewpoint - The announcement of tariffs is seen as a negative signal for emerging market arbitrage trades, particularly affecting currencies in Colombia, Brazil, and Chile, which have all depreciated by over 1.2% [1] Group 1 - Mark McCormick, the head of foreign exchange strategy at TD Securities, indicates that the tariff announcement is not favorable for overbought emerging market arbitrage trades [1] - Currencies in Colombia, Brazil, and Chile have experienced a decline of more than 1.2% following the tariff news [1] Group 2 - Brad Bechtel, global head of foreign exchange at Jefferies, suggests that the current situation remains uncertain and that Trump's letters may be aimed at facilitating a new round of negotiations [1] - Bechtel anticipates further announcements related to tariffs in the coming weeks [1]