UBS On-Air: Paul Donovan Daily Audio 'More taxes ahead'

US President Trump threatened more taxes on US consumers, focused on autos, pharmaceuticals, and semiconductors. Trump rapidly retreated from trade taxes that would be very visible to US consumers—Gen Z would notice tariff-induced inflation for avocado on toast. Less visible taxes (like aluminum) have endured. The new proposals are partially visible—taxing new cars raises second-hand car prices and the cost of car insurance—but probably sufficiently disguised as to prevent a repeat retreat.