Insights

Weekly Market Commentary – 8th August

8 August 2025

This week Donald Trump’s reciprocal tariffs finally came into force. One Bloomberg estimate puts the average tariff rate at over 15%, up from 2.3% a year ago. But aside from the surprise 39% levied on Switzerland and the punitive 50% that Trump is threatening to impose on India, there was little to surprise markets. Equities have once more looked past tariffs to concentrate on positive corporate earnings in the US and Europe.