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Fortune

Eleanor Pringle

Trump’s tariffs likely to shift—but not before more pain, UBS says

Donald Trump UBS European Union United States Mark Haefele Fortune

US President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs during an event in the Rose Garden entitled "Make America Wealthy Again" at the White House in Washington, DC, on April 2, 2025. (Credit: BRENDAN SMIALOWSKI/AFP - Getty Images)

President Trump announced new tariffs, including a 10% blanket increase on all countries and harsher measures on key trading nations like China, the EU, India, and Japan, prompting both threats of retaliation and offers of negotiation. Analysts expect negotiations but warn of economic slowdowns and further escalation, with the EU having added new weapons to its arsenal if needed as a "last resort."

If you'd hoped "Liberation Day" might bring some resolution to President Donald Trump's tariff narrative, you'd be wrong.

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