Betting on Mexico’s currency has paid off for investors even amid Donald Trump’s trade war. The peso is up more than 11% this year, beating all regional peers, even as it dipped Monday following the latest tariff news — a threat of a 30% levy announced over the weekend.

The outlook for trade policy remains in flux to start the week, as the European Union and Mexico become the latest to face new, higher tariffs from U.S. President Donald Trump.

Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariff s on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices.