📝Options Say Look At Mexico, Not Just China, As A U.S. Election Hotspot: Barclays

US tariff increases to 60% on China imports would naturally be very impactful on the Chinese economy. Importantly, substitution effects would also significantly impact Mexico. For instance, in 2023, the share of Mexico's goods in US imports exceeded China's for the first time since 2002. This is evident from the pronounced kink in the EWW (Mexico) vol term structure - Barclays