The US imposed an unexpected 39% tariff on Switzerland, sparking market concern. Although there are some caveats to the tariff terms, this development will have a material impact on the Swiss economy. However, there are still a few days to the tariff’s effective date of August 7th, so a deal is still possible. Meanwhile in the US, last Friday’s poor non-farm payroll numbers sent rate cut expectations for September up to 90%, and caused a 2% pullback in the US market. The Chinese market also suffered a week of correction. Despite these macroeconomic challenges, we remain constructive on China. This episode is presented by Richard Tang, Head of Research Hong Kong for Julius Baer.

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The Week in Markets: 39% tariff on Switzerland shocks markets

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