UBS On-Air: Paul Donovan Daily Audio 'National security vanities'

Social media posts from US President Trump overnight indicate a series of new trade tariffs. US buyers of foreign vanity units, soft furnishings, etc., as well as heavy trucks, and pharmaceuticals will be subject to new tariffs. The furniture tariffs, applied on national security grounds, are likely to have a muted impact. These are not high frequency purchases (lowering price awareness). Prices have already risen following earlier tariffs. Democrats appear to have redecorated early this year, presumably anticipating tariffs.