摩根士丹利：全球宏观经济走向何方-关税变局之际

But it's worth considering what happens if things don't go according to plan. There's been little publicly reported concrete progress on trade deals. There have also been some hawkish signals from the administration – consider that it has floated the idea of a tiered system for global trade partners, similar to the messaging we saw ahead of the April 2 'Liberation Day' announcements. And as our colleague Rajeev Sibal points out in recent work, we're likely not yet seeing concrete effects of tariffs on infla ...