Tensions linked to new customs tariffs – Bonhost stock market

For the moment. For example, the equity markets have rather digested the entry into force of the new American rules. Consequently,

The deadline on the establishment of new customs tariffs has arrived, drawing the new contours of world trade. Moreover, For the moment. For example, the equity markets have rather digested the entry into force of the new rules, while waiting to see more clearly on their real impact, in a certain volatility.

Trade war. Therefore, new taxes

The latest trade agreements with the United States, including that of Switzerland, were indeed sealed dated 1^is August, with effect on August 7. Therefore, Switzerland was struck by a 39% surcharge on its exports, despite a last minute attempt to lower this exorbitant rate. Indeed, with these 39% Switzerland is among the 4 worst sanctions. Even if the impact remains difficult tensions linked new customs tariffs to determine. the details of this agreement are still blurred, in particular concerning the Pharma sector, the largest Swiss export center to the United States, the growth forecasts for Swiss GDP were revised downwards (0.9% against 1.1%). However. even if the United States is the second export market in Switzerland (13% of the total in 2024), exports really struck by customs duties represent only about 10% of the country’s total exports. In addition, most SMI companies are either part of exempt sectors, or largely produce goods intended for the United States. Finally, the most affected sectors are machinery, watchmaking, medtech and the food industry.

In terms of sectors, the White House has announced that a 100% surcharge could strike semiconductors made outside American borders. The pharmaceutical sector also faces new threats. with the option of a 250% surcharge on certain drugs imported in the United States, unless price reductions are tensions linked new customs tariffs set up before September. Then in the last chapter. a new tax on imports of golden ingots of one kilo and 100 ounces from Switzerland could upset the course of gold, already sensitive to commercial policy movements.

Rate drop in September?

The recent American economic statistics have revealed a more marked slowdown than expected of the activity. The unemployment rate has increased, while the Manufacturer’s ISM has dropped to its lowest level since October 2024. The ISM index of services has also shown an unexpected contraction. These data have reinforced the expectations of a rate drop in September from the Fed. although the latter seems to be shared on this option.

In parallel. the resignation of a member of the Fed allowed the entry of Stephen Miran, close to President Trump, in the circle of decision -makers. His appointment. which will still have to be confirmed by the Senate, tensions linked new customs tariffs could accentuate internal tensions to the Fed, especially among the dissidents calling for a more accommodating monetary policy.

In Europe, the trend is more mixed. The PMI indices of July showed a slight degradation of the activity. with the composite index of the euro zone falling below the 51 -point mark. Germany, however, has recorded a slight improvement with a composite index at 50.6, despite an always fragile manufacturing sector. Global trade tensions weigh on European growth, exports and the confidence of investors.

In this context, the indices have changed cautiously. The S & P500 ended up 2.43%, the NASDAQ of 3.73%, the Stoxx Europe 600 of 2.11%and the SMI of 0.26%.

The essential in brief