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Headwinds remain for the industrial sector. The sell-off in the oil markets has weighed on capital spending from the energy sector as producers hold off on new projects, pressuring U.S. industrial companies and sector-related exchange traded funds.

However, if the dollar falls as markets price in the Federal Reserve not being able to raise interest rates in December following Trump’s victory, industrials could benefit because some members of the sector generate substantial portions of their revenue overseas.

Related: Lingering Issues For Industrial ETFs

“Industrials are focused on building products the world will consume as cheaply as possible. Companies have made significant investments in Mexico. With higher tariffs, more stuff may be made in America on the margin, but companies are not going to shift away suddenly from Mexico,” according to a T. Rowe Price note featured in Barron’s.

Industrial Select Sector SPDR