Good deal for the #EU? EU exports to US will be taxed 4X more than before. Europe (and Japan) will pay for the newly announced tax cuts for wealthy Americans and US corporations. #useutradedeal

The #GreatConvergence will be the dominant feature of economies and markets in the years ahead. More in our #PAMSecularOutlook
#multiasset. am.pictet.com/us/en/invest...

UK US #TradeDeal is a car for meat deal. A wasted opportunity not a breaktrough, with no political winners.

#CapitulationDay. Markets are merciless against policy adventurism. #Truss yesterday, #Trump today. What next? The circus is over but the global economy is still worse than a month ago. Some damage cannot be undone. The travel from panic to excitement may be too short to be true. #tradewar

investors assumed #Trump would never allow a #stockmarketcrash on his watch. They were wrong or Trump’s watch is broken. Good luck everyone. Good luck America.

Jobs are not “stolen” but “lost” when countries stop being good enough at what they are doing. #Tariffs do not make you better - they give you the illusion they do. And in the end, more jobs will be lost. #RetaliationDay will follow #LiberationDay.