In proportion to population the millionaires exodus from the UK is unprecedented
Main beneficiaries (in proportion of population): UAE, Italy, Switzerland, Singapore, Portugal and Greece Source: Michel A.Arouet
Donald Trump has extended a trade war truce with China for another 90 days, two US officials have said, just hours before his Tuesday deadline to steepen tariffs on the world’s biggest exporter.
Source: FT
Some very important charts...
Goldman Sachs find that US import prices on tariffed goods have declined somewhat, suggesting that foreign exporters have absorbed some tariff costs by lowering their export prices to the US, unlike during the 2018-2019 trade war. Source: Goldman Sachs thru Mike Zaccardi, CFA, CMT, MBA
Most Ukrainians now back negotiated peace
Support for “fighting until victory” has fallen from over 70% in 2022 to just 24% in 2025 (and who can blame them?). Meanwhile, 69% now want Ukraine to negotiate an end to the war as soon as possible. A dramatic shift in public sentiment over three years. Source: Gallup thru Mario Nawfal on X
India has overtaken China as the top smartphone supplier to the US, shipping 44% in the second quarter of 2025 - up from 13% a year earlier.
Geopolitical tensions and uncertainty of Trump's tariffs pushed giants like Apple and Samsung to shift production. Source: @timesofindia
UBS Ukraine Reconstruction Index hit a fresh ATH on Trump peace push.
Top gainers in the index include: Ferrexpo (+20%), Raiffeisen Bank (+12%), Wienerberger (+9.5%), CRH (+7%). Source: HolgerZ, Bloomberg
The trade-weighted tariff on swiss exports to the us is close to 20% - not 39%.
Indeed, as discussed in this article by NZZ, medicines and most gold imports are currently exempt from Trump's tariffs. Therefore, the 39% punitive tariff is likely to affect less than half of all Swiss goods exports to the United States. On a trade-weighted basis, the tariff rate for Switzerland would thus be around 20%. The main victims would be watch manufacturers and other companies in the mechanical engineering, electrical and metal industries. Link to the article: https://lnkd.in/esu_XvFM
The White House announced Wednesday that it is imposing an additional 25% tariff on India, bringing the total levies against the major United States trading partner to 50%.
“I find that the Government of India is currently directly or indirectly importing Russian Federation oil,” President Donald Trump said in an executive order. “Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent,” the executive order reads.
