Welcome to Thoughts on the Market.
I'm Seth Carpenter, Morgan Stanley's Global Chief Economist.
And I'm Brigid Stibble, Senior Global Economist.
Tariffs have been a dominant topic lately in the news, in markets, just about everywhere.
And today we're going to discuss how they are affecting global trade and the global economy.
It's Thursday, March 27th, at 10 a.m. in New York.
And 2 p.m. in London.
Our listeners are well aware that tariffs have been driving much of the economic conversation lately.
So far, we have seen a flurry of news on tariffs, but it is probably worth recapping just where we are.
Tariffs were imposed on Chinese imports in the first Trump administration,
and they stayed in place through the Biden administration.
And now, so far in the new Trump administration, an additional 20% tariffs have been put on Chinese imports.
Tariffs were announced on imports from Colombia, but removed before implementation.
Tariffs on imports from Mexico and Canada were announced and then delayed and then enacted and then suspended,
all pending negotiation among the government.
Don't forget about tariffs on steel and aluminum.
Oh, that's a really good point.
So a lot has already happened.
The administration has also announced that next week, on April 2nd,
there will be a whole slate of reciprocal tariffs imposed.