Tariffs, the US-UK trade deal, USD exchange rates, and risks of a financial crisis
Tariffs, the US-UK trade deal, USD exchange rates, and risks of a financial crisis
London Business School's Richard Portes, joined Tom Keene and Paul Sweeney, hosts of Bloomberg Surveillance, in their New York studio to talk tariffs, the US-UK trade deal, the dollar exchange rate, and risks of a financial crisis.
The announcement on US-UK trade is expected to boost the UK economy and markets, but investors will closely examine the extent to which Trump is willing to backtrack from his sweeping tariffs imposed on April 2.
Turning to the UK's fortunes in the era of Brexit, Professor Portes described what had happened to the UK economy as a "disaster".
To listen to the full recording, click here and for a short extract, click here
In a wide-ranging discussion, Professor Portes was asked to comment on the legacy of Joseph S. Nye Jr., who died on May 6. Nye was the University Distinguished Service Professor, Emeritus, and former Dean of Harvard University's Kennedy School of Government. He was the political scientist behind the term, ‘soft power'.
Speaking about Nye's legacy, Professor Portes said: "His legacy looks rather shaky, sadly. Joe was a wonderful person and a terrific intellect, and the soft power concept made headway in the day when soft power could exercise power. Now it seems that we have shifted away from that, and the international environment is not conducive to the use of soft power.
"We are in chaos mode, quite honestly, certainly internationally and to some extent domestically in this country in the United States and a bit in the UK and in parts of Europe as well. So it's not good, the multilateral system is coming apart, and someone like Joe Nye, who was a great proponent and advocate of multilateral stability, [his voice and perspective] is now going."
Each week, Bloomberg's Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.
In this episode, Bloomberg features a conversation with Professor Richard Portes.
