# Professor Thomas Pugel discusses the effect Trump’s trade war may have on brands’ marketing strategies and budgets

1 Faculty News August 6, 2018 ![AdExchanger logo 192 x 144](/sites/default/files/styles/246w/public/assets/images/adexchanger192x144.jpg?itok=4BvpoQic)>

Excerpt from [AdExchanger](https://adexchanger.com/politics/how-marketing-budgets-could-get-caught-in-the-crosshairs-of-trumps-trade-war/) -- “'We still don’t know how all of this is going to play out,' said [Thomas Pugel](http://www.stern.nyu.edu/faculty/bio/thomas-pugel), a professor of economics and global business at NYU’s Stern School of Business. 'One of the main challenges here is uncertainty, a shift toward caution and some amount of risk aversion.'"

[Read more](https://adexchanger.com/politics/how-marketing-budgets-could-get-caught-in-the-crosshairs-of-trumps-trade-war/)