Despite Donald Trump’s rhetoric favoring a weaker dollar, major banks predict that a second Trump presidency would likely strengthen the US currency.

Analysts from Deutsche Bank, Morgan Stanley, and Barclays argue that Trump’s proposed policies, particularly tariffs and trade restrictions, would have a more significant impact on boosting the dollar than any efforts to weaken it.

These banks suggest that the long-term economic factors and potential global market reactions to Trump’s policies would ultimately result in a stronger dollar, regardless of his stated preference for a weaker currency.