Morgan Stanley: Tariffs won't give Trump what he wants
2025-04-05 05:52:50
"Tariffs are unlikely to restructure the U.S. economy in the way the Trump administration wants," Morgan Stanley said. The imbalance between U.S. savings and investment has contributed to the country's trade deficit and is unable to achieve meaningful rebalancing in the short term, analysts said in a research note. The most likely outcome of tariffs is isolationism, which equates to higher inflation and lower growth. Financial marekt's initial reaction suggests they share this view. President Trump's policies amount to a return to protectionism, and effective tariffs on U.S. imports could rise to 22 percent, a level not seen in a century and more than double what analysts expected at the start of the year. The risk of a recession has risen sharply. (Kim X)
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