MARKET OUTLOOK - According to Goldman Sachs, the tariffs on April 2 may bring negative surprises.

Goldman Sachs economists noted that recent news indicates the Trump administration has adopted a more moderate stance on tariffs, but they caution, "Don't be fooled." They believe this attitude is likely preparing the markets for an unpleasant surprise.

According to Goldman, the Trump administration views tariffs as a negotiation tool and likely wants to start from a strong position. A recent survey indicates that market participants believe a reciprocal tariff of 9% will be implemented in April. Goldman suggests that the initial tariff rate could be double this amount, potentially setting the stage for an adverse market reaction next week.