Liberation Day Tariffs: An Initial Assessment
The Amundi Investment Institute’s April 2025 report, “Liberation Day Tariffs: An Initial Assessment,” analyzes the sweeping new U.S. tariffs under President Trump, marking the highest average tariff rate in a century. With a base 10% tariff and targeted hikes up to 49%, key Asian economies—especially China, South Korea, and Southeast Asian nations—are hit hardest, while Latin America faces a more modest impact.
The report warns of short-term inflation and deeper medium-term risks to global growth, particularly for the U.S. economy, which is already vulnerable to policy uncertainty. Amid heightened market volatility, Amundi recommends equity hedging, gold for diversification, and a cautious investment stance, favoring selective emerging markets and stable currency plays like the Japanese yen.