Tariff doomsday

Monday 3 February 2025

Deutsche with the note.

First, we consider the announcements to be at the most hawkish end of the protectionist spectrum we could have envisaged.

The speed of implementation (Tuesday 12:01am EST), the scope (all goods are covered, including small parcel goods previously exempted) and the breadth (approximately 44% of total US imports) are all aggressive.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.