Weekly Market Monitor

Chart of the Week Notes: Source: Goldman Sachs Global Investment Research and Goldman Sachs Asset Management. As of March 11, 2025. Chart shows US Effective Tariff Rate from 1930 through 2024. “Effective Tariff Rate” refers to Custom Revenue divided by Goods Imports. “GIR 2025 Base Case +10 pp” refers to GIR’s forecast that the US effective tariff rate in 2025 will rise by roughly 10 pp to 13%. “GIR” refers to Goldman Sachs Global Investment Research. “pp” refers to percentage point. “Risk Scenario +15 pp” refers to a scenario where the effective tariff rate would rise by 15 pp to 18% in 2025. “Risk Scenario” refers to a situation that may cause a more negative outcome, in this case the most likely risk scenario is a more aggressive reciprocal tariff. Past performance does not guarantee future results, which may vary. Please see additional disclosures at the end of this presentation. For illustrative purposes only.  

Risk Considerations and Disclosures

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

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