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The U.S. administration has now announced the details of its “reciprocal” tariffs on trading partners. In this CIO Perspectives Memo, “Liberation Day” rattles markets, we discuss how they will work, what could happen next and the implications for economies, financial markets and investors.

Key takeaways include:

  • Initial market reaction and assessment. Where bilateral tariff negotiations could go from here.
  • The expected impact on U.S. growth and inflation: down for the first, up for the second.
  • Portfolio volatility and how to manage it. Potential hedges and the outlook for European vs. U.S. equities.

 

deepak puri us tariff announcement

"Liberation Day" Rattles Markets

As the Trump administration announced reciprocal tariffs on April 2, we have prepared a brief video to comment on the implications for financial markets and investors.

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Download: PERSPECTIVES Memo

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