Goldman Sachs warns of potential tariff shock on April 2 | Forexlive

Despite recent media reports suggesting a softer stance from the Trump administration on tariffs, Goldman Sachs is urging caution. The investment bank believes markets may be too optimistic—and that could lead to a nasty surprise.

According to Goldman economists, tariffs have long been a key bargaining chip for the administration, and they expect officials will want to approach upcoming trade talks from a position of strength. A recent Goldman survey found that most market participants are anticipating reciprocal tariffs of around 9% when new measures are unveiled in early April.

However, Goldman itself projects the initial rate could be twice as high, warning that such a move could catch markets off guard next week.