This Odd Lots podcast episode is a news/current affairs discussion focusing on the immediate market reaction to President Trump's announcement of new tariffs on imports from Canada, Mexico, and China. The hosts introduce the emergency episode, highlighting the rapidly changing market conditions and the unexpected nature of the tariff announcements. The episode features an interview with Paul Donovan, chief economist at UBS Global Wealth Management, who explains that the tariffs will likely increase inflation in the short term, but could lead to job losses and slower economic growth in the long term. Donovan also debunks the idea that foreign countries will absorb the cost of the tariffs, emphasizing that U.S. consumers ultimately bear the burden. The discussion concludes with an analysis of the potential impact on central bank policy and the long-term implications of the tariffs for international trade.
