UBS On-Air: Paul Donovan Daily Audio 'Powell is not a chicken farmer'

US President Trump imposed and retreated from aggressive taxes on US users of Canadian steel and aluminum, and Canada retreated from a surcharge on exports of electricity to the US. Canadian steel and aluminum are caught by yesterday’s global 25% tax on US consumers. The EU responded with taxes on its consumers (buyers of bourbon are badly hit), but the EU consumers have substitutes as taxes are only against US products.