CEO Sergio Ermotti says a prolonged period of discussion and speculation on the Trump administration’s trade policy “will come at a cost.”

Earnings fell, but still beat analysts’ estimates—due to a boost from trading desks—as the Swiss banking giant joined global peers in cashing in on market volatility.

UBS on Wednesday posted better than expected first-quarter net profit, but the Swiss bank warned of an uncertain outlook as U.S. tariffs raise global growth fears even as the market tumult drove up earnings in its trading activity.