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Fortune

Eleanor Pringle

Don't be fooled by deescalation, says UBS, Trump's 'surgical increases' on specific sectors are yet to come

Donald Trump UBS Mark Haefele United States the White House

resident Donald Trump speaks during a swearing-in ceremony for new U.S. Ambassador to China David Perdue in the Oval Office at the White House on May 07, 2025 in Washington, DC. (Credit: Anna Moneymaker - Getty Images)

UBS chief investment officer Mark Haefele warns that despite recent signs of de-escalation, the Trump administration is laying the groundwork for a new wave of targeted tariffs in strategic sectors like pharmaceuticals, semiconductors, and critical minerals.

The worst-case scenario arising out of Trump's tariff policy is hopefully in the rearview mirror, but analysts are warning that the White House may still make some cutting moves.

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