PANews reported on April 3rd that according to Jinshi, Morgan Stanley's chief economist Michael Ferroli stated in a report that Trump's tariffs would bring considerable revenue, but at the cost of price increases, which could affect consumers' purchasing power. He wrote: "On a static basis, the tariffs announced today will increase nearly $400 billion in revenue, accounting for about 1.3% of GDP. We estimate that the measures announced today may cause personal consumption expenditure prices to rise by 1-1.5%, and we believe the inflation impact will be realized by mid-year. The resulting blow to purchasing power may lead to negative growth in real disposable personal income from the second to third quarters, thereby potentially causing real consumer spending in these quarters to contract. This impact alone could put the economy in a dangerous recession scenario."

Additionally, Morgan Stanley analysts estimate that over one-third of emerging market companies may be significantly affected after the US trade tariffs take effect. The bank calculates that among the more than 750 companies covered by the CEMBI emerging market corporate debt index closely monitored by Morgan Stanley, 36% of companies may be affected, with 16% potentially facing major impacts.