UBS On-Air: Market Moves Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 30)
May 21, 2025
Burkhard Varnholt, an economist and investment strategist, shares his expertise on global markets and investment trends. He discusses the evolving landscape of trade and tariffs, examining their effects on commodity prices like copper. Varnholt highlights opportunities in AI and energy sectors, despite regional economic disparities. He also delves into U.S. geopolitical impacts on oil prices, addressing oversupply issues, and shares insights on navigating uncertainties as he prepares for a trip to Riyadh.
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Logistics CEO: Surge in Air Freight
- A CEO of a global logistics firm described a surge in air freight to avoid upcoming tariffs, similar to pandemic just-in supply chain shifts.
- Items like Harley-Davidson bikes are being flown from the US to Europe to preempt tariff impacts, revealing significant supply chain adaptations.
Copper Prices Hint at Recovery
- Copper prices hitting all-time highs may signal a strong economic recovery, especially in China.
- However, it remains uncertain if this time reflects a genuine economic rebound or merely noise.
Tariff Impact: Noise Over Substance
- Tariff impacts cause market noise and volatility, often exaggerated in political debate.
- Practical funding through tariffs instead of taxes would require unrealistic tariff rates far above current levels.