Golden Finance reported that Vasileios Gkionakis, an economist at Aviva Investors, said in a report that the dollar may rise further if U.S. President-elect Donald Trump proposes new trade tariffs. He said the dollar's recent appreciation has been driven primarily by economic fundamentals, including strong U.S. economic data and favorable interest rate differentials. The prospect of tariffs is likely to contribute much less to dollar gains. This suggests that there is room for the dollar to strengthen further if these policies are implemented. Import tariffs could push up inflation and widen interest rate differentials between the U.S. and the rest of the world. Tariffs could also weaken market sentiment and weaken global economic growth expectations, boosting the dollar's safe-haven appeal. The extent of the dollar's appreciation will depend on the scope, scale and timing of the tariffs.