UBS On-Air: Paul Donovan Daily Audio 'Is your smartphone a patriot?'

The US government is investigating Huawei, a Chinese company, over concerns about its chip technology. This follows the Chinese government’s ban on products from Apple, a US company, from being used in government offices. Such moves are often dressed up as national security, but the turmoil of structural change will continue to fuel economic nationalism. Expectations of economic nationalism are difficult to price into financial markets.