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Podcast: UBS On-Air: Market Moves
Episode: UBS On-Air: Paul Donovan Daily Audio 'The bigger picture on trade'
Description: The US June trade balance is due—measuring both goods and services. For some bilateral relationships (e.g. trade with the EU), the US goods deficit is almost entirely offset by a services surplus. Goods export patterns have been distorted by the anticipation of trade taxes, and to some extent by boycotts of US goods. It is unlikely that there will be any evidence of tariffs transforming the US into an export powerhouse.