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Our take on Trump’s ‘Liberation Day’ tariffs

Our take on Trump’s ‘Liberation Day’ tariffs

  • 3 April 2025

US President Donald Trump announced a sweeping new set of tariffs on Wednesday, calling it 'Liberation Day'. Our economists have analysed the implications of these tariffs for the US, Asia and Europe, as well as their impact on FX and rates

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'Beautiful' tariffs risk turning the growth outlook ugly

'Beautiful' tariffs risk turning the growth outlook ugly

Trump's tariffs mean a painful transition ahead

Tariffs: Europe’s worst economic nightmare just came true

Tariffs: Europe’s worst economic nightmare just came true

Trump's tariffs and what they mean for Europe

Trump’s reciprocal tariff surprise will prompt stronger China response
China

Trump’s reciprocal tariff surprise will prompt stronger China response

Trump's higher-than-expected China tariffs could prompt bigger response

Asia takes big tariffs hit: Vietnam, Thailand most affected, while exemptions ease impact for India, Singapore
Quick take
FX Rates Australia China

Asia takes big tariffs hit: Vietnam, Thailand most affected, while exemptions…

US tariffs increase downside risks to growth and inflation, possibly accelerating monetary policy easing

FX Daily: Without domestic support, dollar is left a little naked
FX

FX Daily: Without domestic support, dollar is left a little naked

Tariff blowback to the US keeps dollar offered against liquid defensive currencies

Rates Spark: Trump’s bitter liberation
Rates Spark

Rates Spark: Trump’s bitter liberation

The biggest risk-off impact so far has been on US markets. We remain wary about fragile risk sentiment and take a tactical bullish view on 10Y Bunds

Tariffs on, risk off: credit set to leak
Quick take
Credit

Tariffs on, risk off: credit set to leak

Spreads are widening further and are expected to experience increased volatility due to the announced tariffs

Yield Yen US Trump Trade War Trade Tariffs Tariffs Sectors Rates Daily Monetary policy Inflation GDP FX Daily FX Eurozone

Content Disclaimer

This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.
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