Goldman Sachs: Don't believe in the illusion that Trump's tariffs are mild, and the tax rate may far exceed expectations

On March 25th, economists at Goldman Sachs pointed out that recent media reports suggest that the Trump administration is leaning towards a more dovish approach to tariffs. But don't be fooled by the appearance: this attitude is likely to lead to a negative surprise shock in the market, they wrote. Goldman Sachs pointed out that the Trump administration has always regarded tariffs as a negotiating tool, and is likely to want to start the negotiations with a strong posture. A recent survey by Goldman Sachs showed that market participants believe that the equivalent tariff rate to be introduced in April will reach 9%. Goldman itself expects that the initial tariff rate may be twice that expected, which means that the market may face a negative surprise next week.