UBS On-Air: Paul Donovan Daily Audio 'Protectionist, or pushover?'

Yesterday was US President Trump’s very big announcement on reciprocal tariffs, which turned out to be a plan to investigate taxing US consumers at a future date. Markets had to decide whether the president was being a protectionist or a pushover, and for now are erring toward pushover. The delay is seen as an opportunity to do “deals”. So far, such deals have been more spin than substance.