In response to President Trump's recent announcements, our latest Amundi Investment Talks examines how these tariffs may impact the U.S. domestic market and the global economy, including Europe

The introduction of a 10% base levy, along with reciprocal tariffs reaching up to 49% against major trading partners, is anticipated to elevate the effective U.S. tariff rate above 20%, marking its highest level in a century (see Figure 1). As trade tensions escalate and geopolitical uncertainties increase, it is essential to understand the potential ramifications for markets and investors.

Graph - Average US tariff rate
Liberation Day tariffs: an initial assessment
Read our latest Investment talks to find out more

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 2 April 2025. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.

Date of first use: 2 April 2025

Doc ID: 4380414