UBS On-Air: Paul Donovan Daily Audio 'Well….'

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Recorded03 Apr 2025

Publishersecure.ubs.com

Handlerec:4542843

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US President Trump unveiled a massive tax increase for US companies and consumers. Tariffs were set at (0.5 x bilateral trade deficit / US imports). This is a predictable formula, completely unrelated to trade openness. The uninhabited Heard and Macdonald Islands get a 10% tariffs (will the penguins retaliate?). This may cause investors to question the competence of the administration’s trade policy.

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