Why April 1 is an Important Date to Watch by Investing.com

investing.com – US President Donald Trump did not call the tariffs “Day One” as many had feared, but Barclays (LON:) warns that markets should not become complacent for long, and singles out April 1 as a key date to monitor changes in tariff policy, citing evidence from the presidential “America First Trade” memorandum.

“President Trump did not impose tariffs on Day One. Instead, he issued a presidential memorandum titled ‘America’s First Trade Policy,’” Barclays said in a note. “Investors should read the memo as a blueprint for what to expect next on tariffs.”

The memorandum directs certain departments and agencies to review and issue reports by April 1, 2025. These reports, analysts believe, will likely serve as catalysts for new tariff proposals or modifications to existing tariffs.

With the additional support of April 1 as a key date to watch, analysts believe the timeline also provides plenty of time for the Senate to confirm key positions, including Howard Lutnick as Commerce Secretary and Jamison Greer as US Trade Representative. Analysts added that these two roles must be filled before the Trump administration begins to change tariff policy.

After reports due on April 1, changes to tariff policy could be announced and would likely take effect 30 to 60 days away, Barclays said.

The presidential memorandum indicates that various tariffs could be on the table including a global tariff and tariffs targeting China, Mexico and Canada.

However, Trump has already threatened to impose 25% tariffs on Mexico and Canada starting February 1, and up to a 100% tariff on China on TikTok, but Barclays believes the timeline proposed in the memo carries more weight rather than “out of it” remarks. “Infidels.”

The memo also calls for investigations into the causes of the United States’ annual deficits in goods and recommendations for remedies, which could include “a global supplemental tariff or other policies.”

This suggests that “the countries and sectors most vulnerable to targeted tariffs could be those with the largest merchandise trade deficits with the United States,” Barclays said.