US trade policy uncertainty increased over the weekend. The Supreme Court ruling against IEEPA tariffs was not unexpected. US President Trump imposing a 10% universal tariff, then raising it to 15%, was less predictable. Details seem limited—will some goods be exempt? What about the revised NAFTA deal and imports from Mexico and Canada? What about trade deals involving lower tariffs (albeit not necessarily fully implemented) with countries like the UK? Administration officials are suggesting further tariffs against specific countries.
UBS On-Air: Market Moves