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 is adopting a more moderate stance on tariffs, stating, "But don’t be misled." They emphasized that this approach likely prepares the markets for an unfavorable 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 suggests that market participants believe a mutual tariff of 9% will be imposed in April, with Goldman indicating that the initial tariff rate could be double that, potentially setting the stage for a negative surprise in the market next week.