UBS On-Air: Paul Donovan Daily Audio 'Does the vice president matter?'

Former US President Trump’s selection of Senator Vance as his running mate is not immediately market moving but it is market relevant. In a television interview, Vance identified China as the US’s greatest threat. Markets have been inclined to think that Trump would not really tax US consumers who buy goods partially made overseas as aggressively as they threaten—but the rhetoric suggests tariff threats may be serious.