US President Trump doubled taxes on US consumers of imported steel on Friday, and (so far) has not retreated from that tax increase. Trump reacted angrily when confronted with the Financial Times acronym “TACO”, and the implication that markets expect Trump to reverse policy rapidly. Investors may worry that Trump persists with these taxes, not because of some economic objective but instead as an emotional reaction to market perceptions of their negotiating stance.

We close out the trading week by reviewing the latest developments surrounding US trade policy, recapping notable macro data releases (including a look at the FOMC meeting minutes) - plus, a preview of the week ahead. Featured is Mike Gourd, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

There is yet more uncertainty in the US economy. US President Trump appealed the ruling that their trade taxes were illegal. While this is decided, the taxes stay. There are thus three layers of uncertainty. Will the taxes survive? If they are illegal, will US companies and consumers get refunds? And are trade taxes today actually being collected? There is also uncertainty around how US companies will react to this uncertainty, especially with pricing.

There has been no letup in the trade drama, with a US federal court striking down much of President Trump’s recent tariff hikes. That followed a sudden pivot in trade talks with the European Union - with the threat of a 50% tariff to an acceleration of negotiations all within the space of a few days. So what have we learnt about Trump’s strategy? What does this all mean for the EU and Switzerland? And where do we see the safest investment opportunities across the pond? Hear perspective from Dean Turner, CIO Eurozone and UK Economist. Co-hosts: Christopher Swann and Belinda Peeters.

A timely review of overnight trade developments, plus a look at positioning recommendations within EM equities, and thoughts on the dollar. We also touch on how investors can position using EM and international equities in the context of portfolio diversification. Featured is Xingchen Yu, Emerging Markets Strategist Americas. Host: Daniel Cassidy

The US trade court ruled that about half of US President Trump’s trade tax increases are illegal. Markets reacted positively, but the US has not been reset to its factory settings.

Equity markets seemingly rallied on optimistic comments from US President Trump around trade. So much focus on the words of one individual is unusual. Trump has the power to limit future economic damage from new trade taxes, but cannot undo the damage of past policy swings. For example, comments in yesterday’s sentiment data highlighted that companies are delaying decisions in the face of policy uncertainty, even as Trump retreated from some tariffs.

Until recently, gold’s rally seemed unstoppable. In an environment where perceived safe havens were scarce, gold stood out. However, in recent weeks, investor sentiment has shifted as geopolitical tensions eased. Does this mean gold’s rally has come to an end? Not necessarily, according to our commodities experts, Wayne Gordon, CIO APAC Head of Investment Advisory & Content, and Giovanni Staunovo, CIO Commodity Strategist. Co-hosts: Christopher Swann and Belinda Peeters.

The US long weekend was marked by aggressive policies and then a retreat, but that still leaves its mark on financial markets. The US dollar remains near its recent lows against major currencies. Investors are concerned that the retreats may not be comprehensive, and that economic behavior will still have to adjust to accommodate wild policy swings.

US President Trump has retreated from their threat to aggressively tax US consumers of European products, delaying the suggested 50% tariff to July. These retreats are so frequent that investors should rationally expect them. So why do markets still react to the initial announcements, as happened last Friday?