Stocks are currently close to their lowest levels of the year due to President Trump's recent tariff announcements and concerns about the future trajectory of the US economy. In the final week of the first quarter, the S&P 500 (^GSPC) dropped by almost 3%, while the Dow Jones Industrial Average (^DJI) decreased by around 2%. The Nasdaq Composite (^IXIC), which is heavy on tech stocks, experienced the most significant losses, falling by nearly 4%.

The upcoming week is anticipated to be focused on Trump's tariffs as his April 2 tariff announcement approaches on Wednesday. Investors are eagerly waiting to learn more about the specific details and severity of the reciprocal tariffs that the president is expected to unveil.

Later in the week, attention will shift to the labor market, with the release of the March jobs report slated for Friday. Updates on private payrolls, job openings, and the performance of the services and manufacturing sectors will also be closely monitored.

Regarding corporate news, it is predicted to be a relatively quiet week for quarterly earnings reports.

Goldman Sachs's economics team suggests that the market may not be adequately prepared for Trump's tariff announcements. Market participants are bracing for a 9-percentage-point reciprocal tariff rate, but Goldman's team believes the actual rate proposed by the administration might be significantly higher, potentially almost double the market's expectations.

Furthermore, with the recent announcement of 25% tariffs on foreign-made vehicles, there is a growing concern among analysts that the markets may not fully grasp the implications of Trump's upcoming tariff actions. Ajay Rajadhyaksha, Barclays' global chairman of research, suggested that these tariffs signal a serious intention from the administration, increasing the risk associated with April 2.