Deutsche Bank has a wake up call for analysts who denied Trump would deliver on tax rhetoric—but UBS is questioning how quickly the White House may retreat.

President Trump's announced tariffs over the weekend for Canada, Mexico and China would be the highest levels imposed by the U.S. since the 1940s, according to Jim Reid, global head of economics and thematic research at Deutsche Bank.

The Trump administration’s plan to place tariffs on goods from America’s two biggest trade partners, Mexico and Canada, and to raise tariffs on Chinese products will trigger the “largest shock in global trade policy since the collapse of Bretton Woods,” analysts at Deutsche Bank said Sunday.