Goldman on Trump 2.0’s Economic Impact: Tariff Uncertainty Looms

Goldman expects Trump's sweeping policy changes will have limited macroeconomic or monetary impact. By 2025, core PCE inflation (excluding tariffs) is projected at 2.1%, with GDP growth at 2.5%.

If Trump implements comprehensive tariffs, inflation risks will rise, and global markets will face severe shocks. Emerging economies and Europe could see declining yields and falling currencies.