1、TRUMP TARIFFS:MOSTLY TALK,OR BIG ACTION?ISSUE 136|Febr uar y 26,2025|5:35 PM EST%R%Global Macro ResearchInvestors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to Gold

2、man Sachs Group,Inc.Pr esident Tr ump s t ar if f act ions since his inaugur at ion have been not hing shor t of st r iking.While mar ket s have begun t o r eact t o t hese development s,deep t ar if f r isks ar e st ill being under pr iced.Whet her t hat will cont inue t o be t he case lar gely dep

3、ends on if Tr ump t ar if f s end up as most ly t alk,or act ion.Tr ump s f or mer Deput y USTR Jef f Ger r ish believes t he lat t er is mor e likely when it comes t o br oad t ar if f act ion given t he Pr esident s long-held goal of cor r ect ing global t r ade imbalances.And Wiley Rein LLP s Tim

4、 Br ight bill ar gues t hat Tr ump likely has t he legal aut hor it y t o implement such a bold r eshaping of t r ade policy.So,GS Alec Phillips and Joseph Br iggs assess t he economic implicat ions of a r ange of pot ent ial t ar if f s and t he significant uncer t aint y sur r ounding t hem.And GS

5、 Kamakshya Tr ivedi assesses t he mar ket implicat ions,envisioning even mor e Dollar st r engt h,f ur t her declines in US equit ies,and an even flat t er Tr easur y cur ve ahead if Tr ump indeed walks t he walk on bigger and br oad t ar if f s.“I NTERVI EWS WI TH:Jeff Gerrish,f or mer Deput y US T

6、r ade Repr esent at ive f or Asia,Eur ope,t he Middle East,and I ndust r ial Compet it iveness,Par t ner,Schagr in Associat es Timothy C.Brightbill,Co-Chair of t he I nt er nat ional Tr ade pr act ice,Wiley Rein LLP,Adj unct Pr of essor,Geor get own Univer sit y Law Cent er Alec Phillips,Chief US Po