Goldman Sachs: Trump's reciprocal tariffs may reach twice market expectations, and the market may have an "explosive shock" on April 2

On the eve of Trump's upcoming announcement of a reciprocal tariff policy on April 2, Goldman Sachs' latest report warns that the effective tax rate may reach twice the market expectation, and predicts that the White House may adopt a strategy of "blowing up first and then withdrawing", and the market may experience "collapse first and then stabilize".
Recently, Bloomberg and the Wall Street Journal reported that Trump would adopt a "targeted strategy", which briefly promoted the rebound of US stocks. Goldman Sachs chief political strategist Alec Phillips pointed out in the report that while reciprocal tariffs may cover the vast majority of US imports, the specific tax rate is still unclear.
"Preliminary tariff announcements tend to spook the market negatively," he warned, for two reasons: administration officials said higher rates could be offered as a bargaining chip in the early stages, following the "high-profile announcement and withdrawal days later" of previous tax increases on Canada and Mexico; and a Goldman Sachs survey showed that the market expected an average equivalent tax rate of 9%, but the actual tax rate may be close to twice the expected rate.
Goldman Sachs' final conclusion is that the market may experience an "explosive shock" on April 2, but the impact may subside quickly.