Key Takeaways
- US President Trump announced new tariffs ranging from 10% to 41% on various countries, including Brazil, South Africa, Taiwan, and India, while increasing Canada's tariff rate to 35% and granting Mexico a 90-day extension.
- Insurer AXA (AXAHY) reported H1 2025 net income of €3.92 billion, falling below analyst estimates, despite a 7% year-over-year increase in gross written premiums.
- The escalating trade tensions are directly impacting major corporations, with Apple (AAPL) projecting $1.1 billion in tariff-related costs and South Korea anticipating an unavoidable decline in copper product exports to the U.S. due to new 50% tariffs.
- Kazakhstan's Central Bank detailed significant foreign exchange operations, planning to sell $500 million from its National Fund in August and having sold $700 million in July, alongside other FX interventions.
US President Trump has announced a new wave of tariffs, impacting a range of countries with rates from 10% to 41%. Brazil faces a 10% tariff, South Africa 30%, Taiwan 20%, and India 25%. Canada's tariff rate has increased from 25% to 35%, while Mexico has been granted a 90-day extension.
These new tariffs are already prompting reactions from affected nations and corporations. The Swiss Government stated it would assess the new situation and determine next steps, reaffirming its ongoing engagement with relevant U.S. authorities. Norway's Trade Minister Myrseth reiterated the country's goal to secure a trade agreement with the United States.
The South Korean Trade Ministry expressed concern that copper product exports to the U.S. are likely to decline unavoidably due to the newly imposed 50% tariffs. The ministry indicated it would actively address these tariffs to minimize the domestic impact. Tech giant Apple (AAPL) also highlighted the financial implications of the trade environment, projecting $1.1 billion in tariff-related costs, even as its revenue forecast surpassed expectations.
In corporate news, French insurer AXA (AXAHY) posted mixed results for the first half of 2025. The company reported net income of €3.92 billion, which was below the estimated €4.26 billion, partly attributed to a currency hit. However, AXA's underlying earnings of €4.47 billion slightly exceeded estimates of €4.44 billion, and gross written premiums and other revenue increased by 7% year-over-year to €64.25 billion. The company's Solvency II Ratio stood at 220% at the end of H1, and AXA remains confident in achieving its ‘Unlock The Future’ plan targets.
Meanwhile, Kazakhstan's Central Bank provided detailed insights into its foreign exchange operations. The bank plans to sell $500 million from its National Fund in August, following $700 million in sales on the domestic market in July. The Central Bank also reported selling 290 billion Tenge in July to balance gold acquisitions, an amount it intends to match with sales in August. Additionally, it conducted $125.6 million in FX interventions on July 30 and purchased $35 million for the State Pension Fund in July, though it has no plans for further pension fund FX purchases in August.
In economic data, the HSBC India Manufacturing PMI for July came in at 59.1, a slight decrease from the previous month's 59.2. Lastly, the ongoing competition for global AI dominance continues, with the U.S. holding a technical edge while China advocates for open-source, inclusive AI models.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.