A new surveyfrom Ipsos has found that, “An increasingly large majority (now 70%) believe that tariffs will raise prices on the goods they buy. But only one in three think it’s fair for companies to pass along the cost of tariffs in the form of higher prices.”

• Ipsos notes: “That’s a tension worth watching in a number of ways. One is the consumer side and how much people will push back on price hikes, especially as inflation stubbornly persists. The administration is already “softening its tone” on how quickly prices will come down.”
• Comes after President Donald Trump said on Tuesday he could impose a 25% tariff on automobile, semiconductor, and pharmaceutical imports as soon as April 2, when an interagency trade review is completed.
• Trump added that tariff measures could “go very substantially higher over the course of the year,” and reiterated that countries could avoid tariffs if they move manufacturing operations to the United States.
• Semafor reports: “Experts have debated the impact of Trump’s policies so far: One Natixis economist wrote that Southeast Asian countries stood to gain, Goldman Sachs’ chief economist said little had changed, while another prominent analyst warned that recent data suggested American consumers may bear the full brunt of tariffs.”

Figure 1: To what Extent do Voters Agree with the Following Statements

Source: Ipsos

The New York Times reportsthat US Treasury Secretary Scott Bessent is expected to skip a G20 summit of finance ministers and central bankers in South Africa, next week. Should Bessent decline to attend the conference, it would forgo a key opportunity for Trump's Treasury team to meet with counterparts from China, Russia, India, and Brazil. Skipping the meeting appears to signal that the Trump administration sees little value in the kind of multilateralism championed by the G20.

• The Times notes that skipping, "such a major economic gathering is highly unusual for a Treasury secretary, particularly one who was just confirmed to his post three weeks ago... It follows a boycott of a similar meeting of foreign ministers this week in Johannesburg by Secretary of State Marco Rubio. Mr. Rubio said he was skipping the meetings because he had no interest in wasting taxpayer money an “coddling” anti-Americanism."
• The report comes amid a major diplomatic rupture between Washington and Pretoria over a new land expropriation law and legal actions related to the war in Gaza, culminating in a threat to suspend South Africa's participation in the African Growth and Opportunity Act.
• Semafor reported yesterday: "South Africa is preparing to dispatch a delegation of government and business leaders to Washington in an attempt to retain the country’s preferential access to the world’s largest economy — but only after similar trips to China and Europe."

(MNI) London - As noted earlier (see 'CHINA: Trump China Trade Deal Headlines Gelping Pressure USD, Boost Equities', 1546GMT) NYT reports that according to current and former White House officials US President Donald Trump is looking at the potential for a new trade agreement with China. NYT: "Mr. Trump has expressed interest in a deal that would include substantial investments and commitments from the Chinese to buy more American products".

• The article claims that alongside trade talks, Trump would also look to discuss major geopolitical and security subjects such as nuclear weapons in face-to-face meetings with Chinese President Xi Jinping.
• NYT: "Advisers and analysts say the governments would have to overcome many obstacles to reach a deal, and that the Trump administration has not yet settled on what it wants from China. "
• The stance of China on any such overtures will be in question. There is likely to be notable wariness from Beijing given the Trump administration's inclination to shift its stance at short notice. NYT: "It’s not clear what the Chinese would ask for in return, though many analysts believe Mr. Xi would try to get relief from some of the tariffs Mr. Trump has imposed on the country, as well as export controls that have limited China’s access to advanced technology."
• Taking a more cooperative stance on China, while assailing the US' erstwhile allies in Europe with threats of tariffs and drawing down defence commitments, comes in line with the more 'transactional' policy expected under the Trump administration.