APRIL 2 COULD BRING NEGATIVE TARIFF SURPRISE: GOLDMAN SACHS Goldman Sachs economists note recent media reports have suggested the Trump administration is leaning in a more benign direction on tariffs. Don't be fooled, they write: That attitude probably sets markets up for a negative surprise. Goldman notes that the Trump admin has seen tariffs as a negotiating tool, and will likely want to start from a position of strength. A recent Goldman survey shows that market participants believe reciprocal tariffs coming in April will amount to a 9% reciprocal tariff rate. Goldman itself expects that the initial tariff rate could be double that, which would set the market up for a negative surprise next week.