24.07.2026 - New Tariff Threats

Trade tensions are moving back into the spotlight.

The Trump administration has introduced a new tariff regime covering the vast majority of US imports after the temporary 10% global tariffs expired. The new duties, ranging from 10% to 12.5%, apply to 60 trading partners and cover approximately 99.4% of US trade.

In addition, President Donald Trump announced a new trade investigation into the European Union, saying it will likely result in substantial additional tariffs on the 27-member bloc. Trump accused the EU of unfairly targeting US companies through regulatory actions and fines against American technology firms, pointing specifically to the recent USD 1 billion fine imposed on Google.

Markets: remain calm despite the tariff announcements

• Equities: Investors remained relatively calm, with markets continuing to focus on the ongoing earnings season rather than the latest trade headlines

My View: Markets continue to display remarkable resilience.

The latest measures represent another step toward a more protectionist US trade policy. While the tariff rates themselves are relatively modest compared with previous rounds of trade restrictions, they increase uncertainty for global supply chains and multinational companies already facing higher financing costs and geopolitical risks.

So far, investors have largely ignored the growing number of geopolitical and trade-related headlines, placing far greater emphasis on strong corporate earnings and the AI investment story. However, tariffs are effectively another form of taxation. They increase costs for importers, businesses and, ultimately, consumers.

The direct economic impact of today's measures may be limited, but the direction is clear. Trade barriers are rising again, adding another potential source of inflation at a time when central banks are still far from declaring victory over price pressures.

For now, markets are willing to look through these developments. Whether they can continue to do so will largely depend on whether tariffs remain a negotiating tool or evolve into a broader global trade conflict.

Investors should not underestimate the cumulative effect. Rising tariffs, persistent geopolitical tensions and elevated AI-related capital spending all point in the same direction: a world becoming structurally more expensive and more uncertain. In such an environment, markets may prove less forgiving than they have been over the past several months.

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