The U.S. dollar may lose its traditional status as a safe haven as markets adjust to President Donald Trump’s tariffs and suspension of military aid to Ukraine, warned George Saravelos, Deutsche Bank’s global head of FX strategy, Bloomberg reports.

“We do not write this lightly,” Saravelos said in a client note Tuesday on the new geopolitical order. “But the speed and scale of global shifts is so rapid that this needs to be acknowledged as a possibility. It is hard to overestimate the scale of change taking place in global economic and geopolitical relations in a matter of days.”

“Bringing it all together, we are starting to become more open-minded to the prospects of a broader weaker trend unfolding” for the dollar, Saravelos said. “Two pillars of America’s role in the world are being fundamentally challenged: the U.S.’s security backstop for Europe and the respect of rules-based free trade.”

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The dollar fell to a three-month low Tuesday as concerns about slowing growth and the impact from tariffs on the U.S. economy outweighed any potential boost from new levies on Canada, China and Mexico.

The Dow Jones Industrial Average fell nearly 800 points in intraday trading Tuesday after losing 649.67 points, or 1.5%, Monday.

President Donald Trump's 25% tariffs on goods from Canada and Mexico took effect Tuesday, along with a doubling of duties on Chinese goods to 20%.

In response, China said it will impose additional tariffs of 10-15% on certain U.S. imports from March 10. Canada has said that retaliatory tariffs on the United States would take effect on Tuesday, and Mexico is expected to follow suit.

Increasingly convinced Donald Trump is acting, rather than just talking, markets are moving to factor in a slowdown in U.S. and global growth.

(With Reuters reporting)