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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: A single best idea A four hour broadcast today. What

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Speaker 2: a set of conversations given the newsflow. As Lauri Calvicina said,

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Speaker 2: she was celebrating her mother's day and the world paused

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Speaker 2: and turned upside down about four pm Sunday, Wall Street time,

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Speaker 2: and on we went, and on we went. Today. We

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Speaker 2: blew up the show two or three times. It was

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Speaker 2: just great to start strong with Jeffrey Ewitt BNY really

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Speaker 2: quite exceptional at pulling together equities, bonds, currencies, commodities sent

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Speaker 2: most of the time in talking to him about tariffs. Here, Jeffrey,

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Speaker 2: you unchanged American exceptionalism.

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Speaker 3: US exceptionalism means you buy stocks, You buy US stocks,

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Speaker 3: you buy US bonds, and you buy the dollar. We

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Speaker 3: think that the only thing which may decorrelate slightly or

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Speaker 3: not just be as full on is on the dollar side.

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Speaker 3: So to compensate for maybe a little bit more risk

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Speaker 3: premia due to the recent uncertainty, is a softer dollar.

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Speaker 3: But again, this shouldn't be seen as a bad thing.

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Speaker 3: A it's something that the Trump administration, perhaps on and off,

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Speaker 3: has been talking about. But b what if US companies

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Speaker 3: become exporters as well, then you can benefit from that

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Speaker 3: FX earnings translation that Europe, Switzerland, you know, Japan and

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Speaker 3: even China Asia they always look for So that correlationshift

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Speaker 3: is perhaps taking place. But don't read it as a

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Speaker 3: negative for US exceptionalism, at least not yet. Let's say,

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Speaker 3: if US companies can adapt, I.

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Speaker 2: Would suggest a different type of uncertainty on this day

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Speaker 2: versus seven days ago or seven months ago. Jeffrey, you

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Speaker 2: with being why what approves you have? Hugh von steinis

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Speaker 2: with us. He was with us, and then I think

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Speaker 2: he went to Milton Institute out in LA and was

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Speaker 2: back again in New York City today. So we spoke

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Speaker 2: to the vice chairman of Oliver Wyman with all of

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Speaker 2: his respective on continental banking and finance, and of course

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Speaker 2: QVA and Steinas and the exceptional turmoil of his United Kingdom.

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Speaker 4: The great advantage of the UK for many years was

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Speaker 4: it was mid atlantic. It had didn't have quite the

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Speaker 4: US growth rate, but it certainly was growing faster than Europe. Unfortunately,

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Speaker 4: since the financial crisis were particularly since Brexit, we've lost

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Speaker 4: that UK exceptionalism. In fact, in a way we were

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Speaker 4: exceptional compared to Europe and now where we've actually the

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Speaker 4: end of UK exceptionalism in twenty sixteen was really the

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Speaker 4: right and actually my Prime Minister m Carney was correct.

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Speaker 4: The Brexit was economically, at least put to one side,

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Speaker 4: politically a poor decision. So I think that we're trying

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Speaker 4: to get our act together again. I think one thing

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Speaker 4: that the President here has really shon a light on

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Speaker 4: is like the terms of trade internationally. The UK's terms

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Speaker 4: of trade with its nearest counterpart is now poorer. So

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Speaker 4: is there a way to put the politics one side

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Speaker 4: improve trade relationships? And if you want to us of

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Speaker 4: a hail mayor, it would be if Canada wants to

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Speaker 4: actually have lower tariffs with Europe, maybe there's an opportunity

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Speaker 4: for Ukraine Canada UK to end into a much lower

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Speaker 4: tariff zone.

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Speaker 2: Here Von steinas of Oliver Wyman, of course the service

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Speaker 2: to the Bank of England with at the time Governor

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Speaker 2: Mark Karney now doing other things in Canada. Thank you

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Speaker 2: so much for your attention today, particularly thank you to

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Speaker 2: Eric and our team for just blowing up the show

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Speaker 2: literally three four times here over the last twenty four

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Speaker 2: hours on your commute across the nation. Thank you so

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Speaker 2: much for your attention on Bloomberg, I should say on YouTube,

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Speaker 2: Subscribe to Bloomberg podcasts and out at YouTube podcasts. It's

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Speaker 2: the single best idea.