A couple deals with major trading partners could mean the effective tariff rate rises from 16% to 18% versus 21% scenario, according to Pingle.Nadia Lovell, senior U.S. equity strategist for UBS Global Wealth Management,

Global markets are telling conflicting stories about the possible longer-term impact of U.S. tariffs on growth, a schism that investors say means either stocks or bonds could see a steep correction once it's clear which is right.

Trump's tariffs may pose less threat to Asian markets than initially feared, wrote Goldman Sachs analysts. Tariffs may hurt markets, but if there's clear information about them, investors would feel less negative. North Asian markets face higher exposure, while Southeast Asia markets are less affected.