They're Back: Daily Audio Update

Paul Donovan discusses US President Trump's proposed 10% tariffs, the ECB's gold reserves surpassing its USD holdings, and the Fed's potential move to end forward guidance.

Key Takeaways

• 1.US President Trump has proposed a new 10% tariff on goods from most major economies, with some exemptions for food to avoid aggravating the affordability crisis.
• 2.Corporate profit margins, which expanded during previous tariff periods, could potentially absorb the costs of new tariffs if applied to the same products.
• 3.The ECB's gold holdings now exceed its US dollar holdings, primarily driven by last year's gold price surge and the gradual erosion of the dollar's market share in official reserves.

Table of Contents

• Paul Donovan's daily audio: They're back
• Global asset class preferences definitions
• Appendix
• Risk information
• Generic investment research – Risk information

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