On March 25th, economists at Goldman Sachs pointed out that recent media reports suggest that the Trump administration is leaning towards a more dovish approach to tariffs. But don't be fooled by the appearance: this attitude is likely to lead to a negative surprise shock in the market, they wrote. Goldman Sachs pointed out that the Trump administration has always regarded tariffs as a negotiating tool, and is likely to want to start the negotiations with a strong posture. A recent survey by Goldman Sachs showed that market participants believe that the equivalent tariff rate to be introduced in April will reach 9%. Goldman itself expects that the initial tariff rate may be twice that expected, which means that the market may face a negative surprise next week.