US Effective Tariff Rate Forecast To Reach Generational High; Goldman Fears "Fading US Exceptionalism"

President Trump's tariffs are reshaping non- "America First" trade policies and agreements, causing concern among Goldman analysts. They recently downgraded the US GDP growth forecast to 1.7% from 2.4%, marking their first below-consensus call in 2.5 years.

In the latest Top of Mind macro research note titled "All About Fading U.S. Exceptionalism,"