Markets find relief in Senator Mike Lee - UOB

Analysts at UOB Group noted that the markets seemed to take some comfort from Utah Senator Mike Lee and US House Speaker Paul Ryan.

Key Quotes:

"Markets seemed to take some comfort from US House Speaker Paul Ryan’s statement asking US President Donald Trump to reconsider his planned tariffs on steel and aluminium, for fear of jeopardizing the economic gains from this year’s tax cuts.

Whilst Trump later told reporters that he would not back down, Utah Senator Mike Lee has proposed a bill to limit the President’s ability to impose tariffs without Congressional approval."