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Trump announces another batch of sweeping tariffs

US President Donald Trump hit the ground running on Wednesday, unveiling his next list of countries that will be facing double-digit tariffs on August 1 if satisfactory trade deals are not delivered. Trump also reiterated his warnings of an additional 10% tariff on any BRICS-aligned country.

Key highlights

Trump warns of additional tariffs on all imports from:

  • Libya (30%)
  • Iraq (30%)
  • Algeria (30%)
  • Moldova (25%)
  • Brunei (25%)
  • Phillipines (20%)

EUR/CHF weakens near multi-week range low as ECB flags broader global risks

The Euro (EUR) weakens against the Swiss Franc (CHF) on Wednesday, with EUR/CHF trading near the lower boundary of its multi-week range around 0.9318. The cross remains under pressure following fresh comments from European Central Bank (ECB) officials that added to the cautious mood around the Euro.
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WTI Crude Oil rises as Red Sea attacks overshadow EIA inventory build

WTI Crude Oil is trading higher on Wednesday as attacks in the Red Sea overshadow reports of rising supply.
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