Yung-Yu Ma, PNC Asset Management chief investment strategist, joins 'Money Movers' to discuss his market outlook and Trump's recent announcement of a trade deal with Vietnam.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

Yung-Yu Ma, chief investment strategist at PNC Asset Management, commented on the newly announced trade deal between the United States and Vietnam, which includes a 20% tariff on Vietnamese imports to the US. While the tariff rate is higher than market participants would prefer, Ma noted that the market is encouraged by the progress in trade negotiations and is watching for further developments.

Ma also highlighted that, despite concerns, the pass-through of tariff costs to consumers may not be as significant as previously feared, referencing limited consumer price impacts from earlier tariff rounds. He cautioned, however, that if tariffs remain above the 10-15% range, markets may become more cautious about potential effects on consumer spending.

PNC: Tariffs unlikely to cause as much consumer disruption as feared

Plenty for markets to digest between the president's mega bill making its way through Congress and then this breaking news of a trade deal with Vietnam joining us here post 9 is PNC asset management chief investment strategist young you ma It's great to see you again just on the Vietnam trade deal. That was just announced so it sounds like the head first of all headline is they've made a trade deal and 20% tariffs which President Trump says Vietnam will pay coming into our market though That could be a headache for some of the importers like retailers and then no tariffs going into their market Stocks have been you know moving up all morning long. Do you think that are you surprised? There's not a bigger reaction? Thanks here. It's great to be here It is a mixed bag because the tariffs are probably a bit higher than market participants would like to see them But it's also the case that the market does want to see deals happening We want to see progress on this and so this is a step in the right direction I think there's probably going to be a bit of pause to see what the next deals might come before the July 9th Deadline is and there's gonna be a lot of eyes on that as well So I think it's it's a mixed picture if we're looking at what is coming out of this trade deal 20% is probably not where we'd like to see the remainder of the deals land But each country is probably an individual case as well. Well on that note though if Even in a very smooth announced over this weekend type way If buying this time next week, it was 20% or even 15% for most of the other countries even those bigger economies Would that be very bearish even if it was smoothly reached that end goal? Well, I do think that the administration wants to apply pressure and then what the administration probably Had as a takeaway from Liberation Day. Was it doing too much at once is more Destabilizing than beneficial and really reaching that point of where Stabilization in terms of the tariff picture. So 20% across the board, you know, I think that's still on the high side I think that would start to Invoke concerns of is this going to cause more of a slowdown and consumer spending than is desirable? So that's that's a higher level than I think the markets are hoping for at this point Although one spin is that it's better than I looked it up 46% Originally announced on Vietnam and what was Cambodia next door was like 95. Yeah So it's better than that. Yeah, ultimately, I guess and and the other thing is, you know The trans shipping detail which is 40% tariffs. That's a direct hit. I think to China which is also Interesting the clarity though I feel for for markets and the other thing that you could say is that Look it at a time where we're really worried about the deficit. We're watching the the big beautiful bill It's bond bullish ultimately if it's going to bring in more revenue long term, isn't it? Well, there's a balancing act at play here, right because the tariffs are going to bring in revenue They are going to in some instances raise prices I mean the interesting thing is we haven't seen a great deal of pass-through at this point and if we think back to 2021 and 2022 when there were really strong inflationary pressures You saw pretty quick and strong pass-through So my sense is that not as much as anticipated or previously feared in terms of tariffs is actually gonna be pass-through to end consumers So I don't think it's going to create as much disruption but still if we get rates that are higher than you know the 10 15 percent of the markets hoping for I do think that does give a bit of pause in the market to See how well consumers hold up with that

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PNC: Tariffs unlikely to cause as much consumer disruption as feared

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