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Goldman's "April 2nd Game Plan" In Eight Trades

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by Tyler Durden
Friday, Mar 28, 2025 - 11:22 PM

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As we reported earlier this week (see "Goldman Warns Market Expectations For Trump's April 2 Reciprocal Tariffs Are Far Too Optimistic") Goldman’s house view on the April 2 reciprocal tariffs, aka "Liberation Day", is more bearish than market expectations, and one explanation for today's selling is that clients are taking off risk because listed products are not capturing the trade fear dynamics efficiently. 

So with just a few days left until next week's key event, the bank's thematic research team shares its preferred trades ahead of April 2nd tariff announcements:

  • Short companies at risk to tariffs (GS24TRFS and GSCNSTAR)
  • Long companies that benefit from onshoring trends (GSXUSHOR) vs Short companies that would face challenges if they are unable to move operations to the US (GSXUOFFS)
  • Long Republican policy outperformers (GS24REPL) vs Short Republican policy underperformers (GS24REPS).
  • Short cyclicals ex commods (GSXUCYCL) vs Long defensives ex commods (GSXUDEFS)
  • Long domestic sales (GSXUAMER) vs Short international sales (GSXUINTL)
  • Long US metals (GSXUMETL) vs Short US autos (GSXUDRIV)
  • Short health care companies exposed to Ireland (GSHLCIRL)
  • Long megacap tech companies (GSTMTMEG)

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