UBS On-Air: Paul Donovan Daily Audio 'Bad news or good news?'

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Recorded28 Jul 2025

Publishersecure.ubs.com

Handlerec:4542561

Show notes

The EU and the US agreed that US consumers should pay more tax—levied at 15% for imports from the EU. EU President von der Leyen made vague pledges to buy stuff from and invest in the US, without the necessary authority to make those pledges reality. Pharmaceuticals and steel seem to be excluded from this deal. The result is better for the US economy than the worst-case scenario, but worse for the US economy than the situation in January this year—but it is bad news markets have probably anticipated.

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