Jason previews what will be a busy few days ahead for the markets, including an impending announcement of reciprocal tariffs by the Trump administration, along with key economic data such as the March employment report. This all against a backdrop of persistent investor concern over slowing growth and recession risk. Jason shares CIO’s latest market outlook, along with positioning recommendations as outlined within the April UBS House View. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Overnight US President Trump’s influential donor Musk reiterated a desire to “end the Fed.” Abolishing the Federal Reserve is part of the reported Project 2025 blueprint. This sort of talk, immediately ahead of significant trade taxes, is potentially disruptive. A central bank is probably necessary for reserve currency status.

Hear from Henry McVey, Head of Global Macro, Balance Sheet & Risk and CIO of KKR’s Balance Sheet, and Solita Marcelli, CIO Americas for UBS Global Wealth Management, as they discuss and share their outlooks for the rest of 2025 and beyond, including key opportunities and risks.

Shane recaps this week’s developments surrounding auto tariffs and previews potential additional tariff-related announcements set for next week. We also discuss the aftermath of this week’s Signal leak, and provide updates on the Russia-Ukraine war, and the Israel-Hamas war. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

On this week’s episode of Viewpoints, Burkhard reflects on the latest with respect to trade, tariffs, and the markets, along with previews what investors can expect in 2Q25, and considerations when it comes to positioning (after a market correction). Plus, thoughts on the current supply and demand relationship of oil.

In 1971, US President Nixon imposed a trade tax on imports into the US, and froze US wages and prices. This was not a success. Faced with rising costs and no ability to adjust pricing, businesses stopped supplying goods. Controls collapsed, and inflation soared. Overnight media reports suggest US President Trump has told US auto companies not to raise prices in the wake of aggressive taxes on imported autos and parts.

President Trump is gearing up to impose a new slew of tariffs on trade partners on April 2, a day he has dubbed “Liberation Day” to signify that America will free itself from unfair trade practices. This day certainly looms large for European nations. The American President has been scathing about European Union’s trade policies. So how hard could Europe be hit? How might the region respond? And how can investors protect themselves? Dean Turner, the CIO’s chief European economists, explores these issues with co-hosts Christopher Swann and Belinda Peeters.

US President Trump announced an aggressive tax increase for US consumers, with a 25% tariff on imported cars. Officials later clarified it also covers car parts. The tax will raise US inflation and lower growth, but the full impact will take time.

Joe and Jason exchange views and thoughts on a wide range of topics, including the health of the US economy, the implications of US trade policy, the road ahead for monetary policy, and more. Plus, a review of investment recommendations for the current environment. Featured are Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office, and Joe Davis, Global Chief Economist, and Global Head of the Investment Strategy Group at Vanguard. Host: Daniel Cassidy

UK February consumer price data was slightly below expectations—before the weirdness of the UK government’s capped energy pricing adds to inflation in April. Producer price data was not published, owing to quality issues. Labor market data is not being published, owing to quality issues. There will be revisions to wage data, owing to quality issues.