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Reciprocal Tariffs and Implications
- 25 April 2025
- 5 MIN READ
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Wall Street suffered it’s steepest decline since the 2020 pandemic, on the back of the U.S. administration’s tariff announcements last week. During these volatile times, here are notes from our CIO desk to navigate the turbulence.
Key takeaways
01
On April 3rd, the Trump administration announced sweeping "reciprocal" tariffs that were clearly more hawkish than expected, though continued USMCA exemptions for Mexico/Canada provide a partial offset.
02
The Weighted Average Tariff Rate is ~18.2%, around 3% higher than market expectations. However, ~1/3rd of total imports are exempt, which reduces the impact to a 12.5% increase in the effective tariff rate.
03
Along with tariffs announced earlier, the average effective tariff rate is now ~ 18.7%. Stagflation fears persist.
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