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US Tariffs: Understanding a new trading landscape
Sweeping import tariffs recently announced by the US government have sent shockwaves across the world and disrupted an already volatile global economy. This change in approach means many nations will be impacted by a new baseline 10% tariff on goods sold in the US, while other economies, such as the European Union and China, will be subjected to even higher rates.
As businesses worldwide adapt to these changes, Allianz is leveraging its global presence and expertise to provide insights and guidance to help our customers and investors navigate this ever-evolving situation.
What follows is an overview of the latest Allianz reports and insights relating to the trade tariffs and their impact.
US tariff policy accelerates deeper structural changes
(Financial Times; subscription required)
May 12, 2025
Mohamed El-Erian discusses in an op-ed for the Financial Times, the recent instability in the global economic narrative, highlighting sharp shifts in market sentiment since the World Economic Forum in January. Once dominated by confidence in U.S. economic strength, the mood has swung to fears of recession and global fragmentation.
Allianz Research | What to watch
May 9, 2025
Drill, baby, drill no more, trade war ripple effects on Germany and Asian currencies leaving us a message?
PIMCO | Investors are misjudging Donald Trump's resolve on tarrifs, Pimco warns
(Financial Times; subscription required)
May 8, 2025
PIMCO Chief Investment Officer Dan Ivascyn talked to the Financial Times about the tariffs that the Trump administration has imposed.
Mohammed El-Erian | "The status of the dollar is more endangered than it has ever been"
(Der Spiegel)
April 25, 2025
In this interview with Der Spiegel, Mohammed El-Erian speaks about tariffs, America's international relations and the reaction in the market.
Fed Has Sacrificed People Before, El-Erian Says
(Bloomberg TV)
April 22, 2025
On "Bloomberg Surveillance," Allianz's Chief Economic, Adviser Mohamed El-Erian, talks about the possibility of Federal Reserve Chair Jerome Powell stepping down before his term ends due to pressure from President Donald Trump.
Allianz Global Investors | Macht Donald Trump das deutsche Sondervermögen billiger?
(WirtschaftsWoche; subscription required)
April 18, 2025
In this interview, Michael Krautzberger, Global Chief Investment Officer Fixed Income at Allianz Global Investors, speaks to WirtschaftsWoche about U.S. and German bonds.
PIMCO | Trade Wars and the U.S. Dollar
April 17, 2025
Marc Seider, CIO Non-traditional strategies, and Pramol Dhawan, Portfolio Manager, write that rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
Mohamed El-Erian | Untangling the spaghetti bowl of tariffs
(Financial Times; subscription required)
April 14, 2025
In an opinion piece for the Financial Times, Allianz Chief Economic Advisor Mohamed El-Erian writes about the volatily of the past two weeks, which is testing the financial system and testing America's global standing.
Allianz Trade | "Germany has emerged stronger from every crisis“
(WirtschaftsWoche)
April 11, 2025
Milo Bogaerts speaks to WirtschaftsWoche about the tariffs that the Trump administration has imposed and what that means for exports.
PIMCO | President Trump Blinks for Now, But Tariffs Remain High
April 10, 2025
PIMCO Head of Public Policy Libby Cantrill writes that PIMCO sees significant implications for U.S. and global growth and inflation.
PIMCO | Dan Ivascyn on Bond Investing in a Turbulent Global Market
April 10, 2025
Stay updated with the latest insights from PIMCO’s Group CIO Dan Ivascyn, as he discusses the value of high-quality fixed income and navigating risks amid the current market turbulence.
Global Economic Outlook | Riders on the storm: Managing uncertainty
April 10, 2025
The US has kicked off a full-fledged trade war: On 2 April, US president Donald Trump announced “reciprocal” tariffs that exceeded expectations, with products imported from China set to be taxed at a staggering 130% from 10 April.
"This leads to radical uncertainty"
April 09, 2025
In an interview with Focus Money, Ingo Mainert, Managing Director and Chief Investment Officer at Allianz Global Investors, discusses the impact of Donald Trump's trade policies, which he believes are pushing the U.S. towards isolation. Mainert highlights the resulting radical uncertainty in global trade, noting a shift in investment focus towards European stocks and gold. He emphasizes the importance of reform and diversification, particularly in light of the changing economic landscape and the challenges facing the U.S. and Europe.
The full interview, "Das führt zu einer radikalen Unsicherheit", can be read on the Focus Money website (in German; subscription or purchase required)
PIMCO | Tariff Turbulence: What to Watch, Including Possible Constraints
April 07, 2025
While the path may have twists and turns, the destination seems clear: higher U.S. tariffs.
Mohamed El-Erian | The Fed Must Resist Repeating Past Mistakes
(Bloomberg; subscription required)
April 08, 2025
In an opinion piece for Bloomberg, Allianz Chief Economic Advisor Mohamed El-Erian writes about the US Fed's political independence and market credibility.
When an unprecedented tariff salvo plunged the world into a (temporary?) full-fledged trade war
April 04, 2025
Allianz Research and Allianz Trade give their initial assessment of the tariffs and their potential impact on the world economy.
Allianz Global Investors | Why security selection and quality are key in European credit
April 04, 2025
With US President Donald Trump's reciprocal tariffs, alongside increased European defence spending and German fiscal expansion, the environment for European credit is developing fast. Allianz Global Investors examines the outlook for European credit, sector by sector, in the coming months.
Allianz Global Investors | Where is the safe haven now?
April 04, 2025
The spike in Treasury yields is noteworthy because in times of market volatility investors usually flock to the relative safe haven of US government debt, pushing yields down. Why are things different this time?
Allianz Global Investors | Tariffs: could “liberation day” shackle the global economy?
April 03, 2025
US President Donald Trump’s “liberation day” has brought a huge ramp-up in tariffs that some investors fear could sink the global economy. According to Allianz Global Investors, the economic impact will be significant – shaving at least 1% off global output – and further escalation of the trade conflict would raise the risk of a recession.
Allianz Global Investors | European Equities Outlook Q1 2025
April 03, 2025
Looking forward after a good performance in 2024 amid a difficult environment
In 2024, European equities posted a second consecutive year of strong performance despite several significant headwinds. How did we end up with a positive performance? Allianz Global Investors looks at the factors in the European Equities Outlook.
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Über die Allianz
Der Allianz Konzern ist einer der weltweit führenden Versicherer und Vermögensverwalter, aktiv in fast 70 Ländern, mit rund 97 Millionen Kundinnen und Kunden*. Versicherungskunden der Allianz nutzen ein breites Angebot von der Sach-, Lebens- und Krankenversicherung über Assistance-Dienstleistungen und Kreditversicherung bis hin zur Industrieversicherung. Die Allianz ist einer der weltweit größten Investoren und betreut im Auftrag ihrer Versicherungskunden ein Investmentportfolio von etwa 764 Milliarden Euro**. Zudem verwalten unsere Asset Manager PIMCO und Allianz Global Investors etwa 2,0 Billionen Euro** für Dritte. Mit unserer systematischen Integration von ökologischen und sozialen Kriterien in unsere Geschäftsprozesse und Investitionsentscheidungen sind wir unter den führenden Versicherern im Dow Jones Sustainability Index. 2025 erwirtschafteten über 156.000 Mitarbeiter für den Konzern einen Umsatz von 186,9 Milliarden Euro und erzielten ein operatives Ergebnis von 17,4 Milliarden Euro.
* Die Kundenanzahl spiegelt nur die Allianz Kundinnen und Kunden in konsolidierten Unternehmen wider, die zum Umfang der Kundenberichtserstattung gehören.
** Stand: 31. Dezember 2025.
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