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Investing.com - U.S. President Donald Trump’s anticipated tariff announcements next week threaten the global growth outlook, although the risks from escalating trade tensions have been "well telegraphed" and are "largely priced in corners of the market," according to analysts at Barclays (LON:BARC).
In a note to clients, the analysts led by Emmanuel Cau noted that Trump’s so-called "liberation day" pronouncements, which are projected to be unveiled on April 2, "may not be a complete shocker." Trump is expected to reveal "reciprocal" tariffs that aim to match foreign levies on U.S. goods, although he has suggested that the duties may be more "lenient."
Still, the Barclays analysts said Trump’s tariffs would target a group of 15-25 countries that would take effect immediately.
"The ’good’ news is that it should remove some uncertainty, as we will finally find out which countries are taxed by the U.S., and by how much," the brokerage wrote. "The bad news however, is that negotiations will likely start after April 2, which leads to an extended period of uncertainty about the final scope, level and timing of tariffs."
The comments come after Trump said he plans to slap the tariffs on global automotive imports into the U.S. from April 3, following through on a prior pledge to place a trade tax on overseas car and truck manufacturers.
Speaking at the Oval Office on Wednesday afternoon, Trump added that the duties will apply to “all cars not made in the U.S."
The statement appeared to exclude possible carve-outs for Mexico and Canada, two countries that play a pivotal role in the process of car construction in North America and have a free-trade agreement with the U.S. that was signed during Trump’s first term in office.