US Tariff Delay Might Soften Christmas Impact, UBS’ Donovan Says

Donald Trump’s delay of tariff increases until Aug. 1 may have just softened the price impact for Christmas by pushing it into 2026, according to UBS Group AG Chief Economist Paul Donovan.

Speaking on Bloomberg Television, he said the 10% levy affecting all trade will drive higher inflation numbers in July and August, but extra duties applied to specific countries under the US president’s policies may not now affect shoppers until much later.

“By the time you’ve got the goods shipped to the United States, you’ve got through the supply chain, given that a lot of retailers ...