Trump’s tariffs: Big talk or big action? – Goldman Sachs Exchanges

Trump’s tariffs: Big talk or big action? – Goldman Sachs Exchanges — Transcript

Market views

Bullish

STEEL— Trump is committed to supporting the US steel industry through tariffs, citing national security concerns and current industry challenges.
ALUMINUM— Trump is committed to supporting the US aluminum industry through tariffs, given current industry challenges and national security concerns.
SEMI— Trump administration's concern over reliance on imports in strategic sectors like semiconductors could lead to policies favoring domestic production.
PHARMA— Trump administration's concern over reliance on imports in strategic sectors like pharmaceuticals could lead to policies favoring domestic production.
USTREASURY— Increased economic uncertainty due to potential widespread tariff actions could lead to a flight to safety, benefiting US Treasuries.

Bearish

TRADE— Trump's potential second term is expected to bring more unpredictable and disruptive trade policies, including broad tariffs to address global trade imbalances.
MFG— Trump's goal to rebuild US manufacturing through tariffs could negatively impact global manufacturing but potentially benefit domestic producers.

Not investment advice.