Does the recent tariff rhetoric suggest that we're entering a global trade war?
And what could that mean for economies and markets?
I'm Allison Nathan, and this is Goldman Sachs Exchanges.
Today I'm joined by Kamaksha Trivedi, our head of global foreign exchange,
interest rates and emerging markets strategy research.
Alec Phillips, our chief political economist, and Joseph Briggs,
who co-leads the global economics team within Goldman Sachs Research.
Joseph and Alec are here with me in New York and Kamaksha is in London.
So Alec, as we sit here on Wednesday morning, we have seen an absolute slew of tariff announcements over the past week.
They just keep coming.
It's been very hard to keep track of.
As we sit here today, we are waiting for more details on what could be a reciprocal tariff.
And those details might actually be out by the time this podcast sees a light of day.
I think it would be useful just to start with catch us up.
What is happening with tariffs at this point?
Right.
So a lot has happened and a lot more has been announced that hasn't yet happened.
Starting with Inauguration Day, I think as we went into Inauguration Day,
a lot of our clients had an expectation that you were going to have a bunch of big tariff announcements.
Instead, on Inauguration Day,