UBS On-Air: Market Moves UBS On-Air: Paul Donovan Daily Audio 'Trade continues elsewhere'
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Jul 21, 2025 The podcast dives into the recent surge in South Korean semiconductor exports, showcasing the dynamic global trade landscape. It highlights how U.S. import taxes on foreign steel are squeezing local consumers, contrasting with other nations that maintain stronger trade relationships. A discussion on Japan's political scene illuminates the rising Sanseito party and currency fluctuations. The episode also warns about the potential for retaliatory trade measures from the EU amidst ongoing economic uncertainties.
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South Korea's Dual Trade Trends
- South Korean July export data showed growth adjusted for working days, with strong semiconductor sales and rising exports to Europe.
- US-bound exports weakened due to high taxes on imported steel, highlighting varied global trade impacts.
Japan's Political Shift Reflects Global Trends
- Japan's governing coalition lost its upper house majority, but Prime Minister Ishida stays in office.
- The rise of the anti-foreigner Sanseito party reflects a global trend of scapegoat economics amid uncertainty.
Trade Taxes Harm Domestic Economies
- US trade taxes hurt its own consumers by increasing costs on imported goods.
- EU and others risk domestic economic drag if they respond with their own bilateral taxes, complicating retaliatory trade measures.