Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Investment Event

Reciprocal tariffs
03 April 2025
    Articles
    Download the full reportPDF, 314.86KB

    Key takeaways

    • President Trump has announced 10 per cent baseline tariff on all trade partners with additional reciprocal tariffs on a broad swathe of economies
    • The US average tariff rate is set to return to levels not seen since before WWII, potentially representing a significant headwind to US and global growth
    • Despite the announcement, policy uncertainty is set to remain elevated, implying continued volatility in investment markets
    • This points to an agile approach to managing portfolios. That means selectivity and portfolio resilience across geographies, asset classes, and factors

    Related articles

    Back to top