UBS has instructed its bankers to scale back the sale of complex currency products, specifically FX Range Target Profit Forwards (RTPFs), following substantial client losses linked to the impact of U.S. President Donald Trump’s "liberation day" tariffs. These tariffs, which came into effect earlier in 2025, caused significant market disruptions and raised concerns about the risk suitability of these derivative products. The Swiss bank’s decision reflects growing caution amid the volatile currency market environment. Separately, Goldman Sachs advised its hedge fund clients to take long positions in U.S. copper just one day before prices plunged, a move that coincided with market reactions to President Trump’s tariff announcements.