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," analysts Jenny Grimberg, Allison Nathan, and Ashley Rhodes provided clients with a brief note about the declining US outlook and the rise of the rest of the world amid expectations that the average US tariff rate will increase by 10 percentage points this year—a generational high.