US President Trump’s retreat from trade taxes took less than 24 hours. However, taxes on imports from China increased, and the universal 10% import tax stays in place. None of these taxes existed a week ago, and US consumers will have to use income to pay them. Higher taxes on specific products remain, and more are promised.

We examine how regions, such as emerging Asia and Latin America, are feeling the impacts US tariff policy. Plus, thoughts on how EM investors should consider adjusting their portfolios, and what to be on the lookout for in the months ahead. Featured is Alejo Czerwonko, CIO for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy

US President Trump implemented an extraordinary tax increase on US consumers overnight. If the 104% tax increase on goods from China is not reversed, it is likely to push the US into recession more rapidly. China’s economy is negatively impacted—but the larger each round of tariffs, the less their marginal impact on foreign growth. USD 55 million of tea imported from China is subject to the 104% tax (in 1773 the UK cut tea taxes).

A roundtable discussion around the kind of that role can private assets play in a longer-term investment plan, including a performance update and outlook for private equity, private credit, real estate, and hedge funds. Featured are Jennifer Liu, Private Markets Strategist Americas, Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, Jon Woloshin, Real Estate & Lodging Analyst Americas, and Sean Sanborn, Hedge Fund Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Financial markets swung wildly yesterday on apparently false reports of a 90-day halt to US trade taxes (except for China). The volatility highlights two problems. Erratic policymaking means stories of dramatic shifts in policy are credible. The move toward Schlesinger’s “imperial presidency” model means policy shifts depend on the whims of one person. These make fake news plausible, creating market volatility.

As market volatility persists following a historical week for the global economy and financial markets, Jason shares his thoughts on last week’s tariff announcement, the potential paths forward, and how to navigate your portfolio through the uncertainty. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Following last week’s tariff announcements from the White House, we discuss the overall impact of these developments to economies across Asia, along with the impact to Asian markets. Plus, a look at how Asian economies are preparing to weather the tariff shocks, along with positioning recommendations across the region. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Asian equity markets crashed, with Hong Kong markets down over 10%. Over the weekend, US administration officials gave contradictory statements on trade taxes, causing investors to question the existence of a masterplan. Attempts to justify attacks on the Heard Island penguins only emphasized the peculiarity of the tariff formula. US President Trump took time from their golf weekend to twice post that equity declines were “on purpose”.

As we close out a volatile week in the markets, Brian shares his thoughts on the March employment report, and the overall health of the US labor market. Brian also assesses the potential economic impacts overtime of this week’s tariff announcements. Plus, a recap of notable data-point releases over the past few days, and a preview of the week ahead. Featured is Brian Rose, Senior Economist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Financial markets expected a significant tax increase from US President Trump. Yesterday’s reaction shows the tax increase was worse than anticipated. US dollar weakness is telling. We often hear that when the US sneezes the global economy catches cold. This is not the US sneezing. This is the US cutting off its own arm. The self-inflicted economic cost naturally weakens the dollar. Federal Reserve Chair Powell speaks today on the economic outlook.