Tariff War is on

NatWest’s latest weekly briefing assesses the launch of U.S. “Liberation Day” tariffs and the global economic repercussions, with a focus on inflation, trade tensions, and market volatility.

Key Insights:**

• New U.S. Tariffs Now Active: A universal 10% tariff on imports, with up to 60% on goods from top targets like China and the EU; the UK also affected.
• Global Retaliation: China and the EU respond with countermeasures; S&P 500 falls 10%, erasing $5T in market value.
• UK Outlook: Inflation expectations rise, while wage growth and stable employment may delay BoE rate cuts.
   

Access the full report for in-depth macroeconomic analysis and implications for global markets.