《关于关税公告的经济周度特别报告》

April 3, 2025 Richard de Chazal, CFA+44 20 7868 4489rdechazal@williamblair.com Equity Research Group+1 312 236 1600research@williamblair.com Economics Special Report on Liberation Day Tariff Announcements The big day finally arrived, though it may not have been quite the degree of liberation desiredby financial market participants, the domestic corporate sector, and foreign trading partners.The scale of the tariff increases was much worse than feared, with the result being a mixedapproach of a baseline 10% tariff on all countries coupled with bilateral reciprocal tariffsranging from 10% to 50% on countries deemed the most discriminatory against U.S. exports. The baseline tariffs will begin on April 5, while the reciprocal tariffs will start on April 9. Thesetariffs will be in addition to existing tariffs already imposed on steel and aluminum and othertariffs already imposed. For example, China is now subjected to 34% reciprocal tariffs on topof the 20% tariffs already in place. Importantly, President Trump signed an executive orderyesterday that eliminates the de minimus exemption on goods from China and Hong Kongvalued at less than $800. The message from the corporate and financial sectors has been that they can deal with tariffsas long as they know what those rates will be and for how long—as they say, it’s just the notknowing. In this special report on tariffs, we discuss the current tariff situation, what the Trumpadministration is hoping to achieve, and the potential impacts on growth and inflation.We also include thoughts from our research analysts whose companies are most directlyimpacted by President Trump’s announcements. Please refer to important disclosures on pages 20 – 21. Analyst certification is on page 20.William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As aresult, investors should be aware that the firm may have a conflict of interest that could affect the objectivity ofthis report. This report is not intended to provide personal investment advice. The opinions and recommendationsherein do not take into account individual client circumstances, objectives, or needs and are not intended asrecommendations of particular securities, financial instruments, or strategies to particular clients. The recipient ofthis report must make its own independent decisions regarding any securities or financial instruments mentionedherein. William Blair Contents The Main Goals of the Liberation Day Tariffs........................................................................................................................................................3Implementation? Trump’s Three Choices..............................................................................................................................................................4A Little More Clarity, A Little Less Ambiguity?.....................................................................................................................................................5Economic Impact...............................................................................................................................................................................................................5Conclusion............................................................................................................................................................................................................................7Sector Impact......................................................................................................................................................................................................................7Consumer............................................................................................................................................................................................................7Energy and Sustainability............................................................................................................................................................................9Financial Services and Technology.......................................................................................................................................................10Global Services...............................................................................................................................................................................................11Healthcare........................................................................................................................................................................................................12Industrials........................................................................................................................................................................................................14Technology, Media, and Com