Goldman Sachs – Taking Stock of the Tariff Shock, Apr 2025

The main theme of the document concerns the introduction of 'reciprocal' tariffs by the Trump administration and their impact on the investment environment.

Key findings include the introduction of 'reciprocal' tariffs, including a 10% base tariff on imports from all countries (except Canada and Mexico) starting April 5, and additional tariffs on major trading partners from April 9. The uncertainty caused by the scale and complexity of the tariff announcement and potential consequences for growth and inflation in the US and globally is highlighted. The need for flexibility in investment strategy to navigate high uncertainty conditions is emphasized.