On April 2, President Trump followed through on campaign promises to steeply hike tariffs on U.S. trading partners, taking the average effective tariff rate to around 23%, a near 10-fold increase of the rate last year. As sharp and severe selloffs in financial markets underline the global scope and radical uncertainty of this move, executives are racing to build an understanding of the global economic impact. This is a complex and fluid policy shock, which prevents any quick or precise