Trump’s Tariffs: Is Free Trade a Thing of the Past?

DWS's latest CIO Flash examines the sweeping U.S. tariffs announced in April 2025, analyzing their economic logic, potential global fallout, and asset class implications amid rising trade policy uncertainty.

Key Insights:

• Broad-Based Tariffs: U.S. imposes 10% general tariffs on all imports, with higher rates targeting China (54%), EU (20%), and others—far exceeding expectations.
• Market Reaction: Sharp declines in equities, bond yields, and the dollar; gold and safe-haven assets rallied on policy shock.
• Economic Impact: Tariffs could cut U.S. GDP by 60 bps, raise inflation by 1%, and hit global growth—particularly in China, Japan, and the EU.
   

Access the full report for detailed analysis on cross-asset positioning and global macro implications.