This should be a time of financial uncertainty and speculation, as a new president-elect’s fiscal promises and policies are put under a microscope, and the Federal Reserve considers how their implementation and success would impact GDP growth, investments, and monetary conditions.

But the dollar seems bullish on Donald Trump, and the ramifications of that are already being felt a month before the President-elect takes the oath of office.

The U.S. dollar hasn’t been as high as it is now since 2002, and the recent interest-rate increase should make it even stronger.

For Americans that have been putting off that trip to Europe, now is the time, as dollars that once exchanged at a near 2:1 rate with euros have now pulled almost even.

But while American consumers will find lower prices on imported items, U.S. exports will become less competitive abroad.

And in emerging markets, where trillions in loans are made in dollars, those debts will now be harder to pay back.

The impact is also being felt on foreign currencies besides the euro, from Japan to Brazil, and Turkey to India. Higher interest rates by central banks in at least some of these markets are likely to follow.

Americans without a deep financial stake in global markets may wonder if a strong U.S. dollar, which certainly sounds like a good thing, is something worth celebrating, especially given some negative media stories about its surge. The stock market seems unfazed, reporting a series of record highs despite the possibility that a stronger dollar will curb a recovery on corporate profits.

But exports figure to be the biggest potential crisis, with costs impacted on U.S. goods from steel to cattle.

Observers are also taking into account a Trump administration’s position on the Export-Import Bank, which can be a potential boon for exporters if it can ever return to the scope of business it authorized in the past.

Although EXIM was reauthorized by Congress earlier this year, its ability to approve larger deals has been hamstrung by the lack of a quorum on its board as President Obama’s appointment has not been taken up by lawmakers.

The President-elect has yet to make a public comment about the bank, which tends to redraw traditional battle lines in Washington. Among Republicans it has as many detractors and supporters, while Democrats are mostly in favor of a robust EXIM presence.

Trump, who is not a typical Republican by any standard, wants to boost the competitiveness of U.S. exports and create more jobs, both of which can be partly achieved if the bank can start making large loans again. But Richard Aboulafia, vice president for analysis at aerospace industry consultancy Teal Group, has told CNBC that he believes Trump “won’t go to bat for it.”

If the President-elect is not persuaded by the potential market benefits, he may be intrigued by the opportunity to reshape the bank in his own image. It’s dormancy has been forced by having only two board members, when three are required to approve loans of more than $10 million. If Trump can fill those positions with like-minded dealmakers, he may be more enthusiastic about its revival. Any nominees he puts forth, however, will have to be approved by Congress.

One of the most consistent messages sent by Donald Trump during the presidential campaign was directed at China—and it wasn’t positive. He accused them of unfair trade deals, currency manipulation and dumping products on global markets. That was going to stop if he became the new sheriff in town.

But as our outgoing president once remarked, elections have consequences. And one of the consequences of the November outcome has been a softening of Trump’s positions on several issues, which has disappointed his more ardent supporters but relieved some of his detractors.

That attitude adjustment appears to apply to China as well, with Trump’s appointment of Iowa governor Terry Branstad as ambassador.

It’s a decision that signals a preference for friendlier U.S.-China relations, especially in the aftermath of Trump’s controversial phone conversation with Taiwan president Tsai Ing-wen. The previous expressions of concern out of Beijing were followed by a much more positive reaction to Branstad, who has known Chinese President Xi for more than 25 years.

In 1985, while serving his first term as governor of Iowa, Branstad hosted a Chinese delegation that included the future President of China. During that trip he bypassed a hotel suite and instead stayed in the spare bedroom of a family in the town of Muscatine. It was his first visit to America, and left such a favorable impression that, as Vice-President, Xi Jinping returned to Iowa in 2012.

Doing Business With Friends

Branstand has frequently referred to President Xi as “an old friend,” and that likely played a role in Iowa being a preferred provider of corn and pork to China. A positive personal relationship should help to avert the trade war many anticipated after Trump’s victory.

But the issues between the two nations remain, beginning with the trade imbalance that finds the U.S. importing four times as many goods from China as it exports, despite the popularity of a wide range of American products (from Chevy trucks to Victoria’s Secret lingerie) among the growing Chinese middle class.

By 2020 China’s consumer market will reach or surpass $6.5 trillion according to the Boston Consulting Group. Companies like Macy’s, Costco, and Target are eager to gain greater access to that burgeoning market.

And then there are the bigger deals: travel, at a time when China is expected to add more than 6,800 aircraft over the next 20 years, and agriculture, impacting both farming equipment and commodities like soybeans.

On the campaign trail Trump threatened a tariff as high as 45 percent on Chinese exports to force a change in policy. But government officials and diplomats that know China well believe threats are the wrong approach, and certainly won’t help Boeing build planes or Caterpillar build tractors bound for Beijing.

The appointment of Branstad signals a less confrontational opening salvo that indicates a policy of negotiation, not ultimatums. China’s barriers to U.S. exports have been gradually reduced since China’s 2005 entry into the World Trade Organization. It hasn’t been fast enough for American manufacturers, but markets are opening.

High Hopes in Agriculture

Given Branstad’s Iowa roots, agriculture figures to be a priority. The state is already China’s third-largest export market, with total exports of $1.2 billion in 2015.

If the new ambassador can ease lingering tariffs and exclusions on certain agricultural products, enacted after trade disputes dating back decades, that alone would represent a significant new opportunity to reduce the deficit without punitive tariffs. China would get quality products, and Trump would get the “better deal” he campaigned on.

“He’s going to focus on ways parties can negotiate and reach a deal that benefits each side,” said Mike Ralston, president of the Iowa Association of Business and Industry. “I believe that’s really good for Iowa and the United States to have somebody in this role who is focused on economic development, on job creation and conducting business with each other.”