BCA Research's Matt Gertken: US-UK trade deal nowhere near as good as it looks

Contains 'gaping shortfalls'

Not everyone is watching the global trade war with “Trump derangement syndrome” or schadenfreude at America’s supposed demise.

But even for those of us who recognise some logic in the US president's attempt to redress global macro imbalances, the US-UK deal sends a disappointing signal. Ostensibly, the trade deal is good news: it reinforces the message that Trump's goal is to negotiate new trade deals, not merely sow chaos. Investors first got this message when Trump paused his massive threat of "reciprocal" tariffs on 9 April, just as Treasuries spiked and the S&P 500 verged on bear market territory (down 19%). US-UK deal an 'opportunity' for both nations but fails to quell questions and concerns US an...