Apac finance professionals brace for Liberation Day tariffs
US president Donald Trump is causing chaos this week across global markets with a spate of tariffs set to take effect in the US on April 2, against a wide range of goods; Goldman Sachs is predicting an extra US rate cut this year, amid stagflation fears.
The so-called ‘Liberation Day’ for the US on Wednesday April 2, which is meant to add reciprocal tariffs across “all countries” for US imports, will coincide with 25% tariffs on all US car imports. Some are estimating that the tariffs put forward by US president Donald Trump by Executive Order could be worth as much as $770 billion, or even $1.1 trillion, if value added tax (VAT) rates are retaliated against; this includes 25% tariffs on aluminium and steel imports introduced in March.
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