米国開放の日に、「割り引いた」相互関税が発表された

“Discounted” reciprocal tariffs applied to on Liberation Day

President Trump announced reciprocal tariffs on trading partners that apply higher tariffs on the US and a universal tariff on most other countries. The stated tariffs are more aggressive than most had been expecting, but these should also be viewed as an opening salvo for negotiations and indeed, Trump signaled a willingness to reduce tariff rates if trading partners did the same. While Trump loves to strike a deal, he also highlighted t hat foreign manufacturers can avoid the tariffs by setting up operations onshore and has touted the revenue raising power of tariffs. We do think th...

Liberation Day is here! What to watch for

At 4pm EST today in the White House Rose Garden, President Trump will unveil his “comprehensive plan for restoring fairness in US trade relationships. ” While there is still a considerable amount of uncertainty, the White House has provided some nuggets that may speak to what we can expect. Ultimately, we don’t expect to get full clarity on the specifics, but we should get more information about the general direction of trade strategy. The announcement today will likely be broad. Trump said over the weekend that tariffs will hit “essentially all” trading partners. Whether or not he should...