Trump Imposes New Tariffs, markets React to Earnings & Fed Nominee

Washington D.C. – August 9, 2025 – In a move sending ripples through global markets, former President Donald Trump has significantly escalated trade tensions, announcing doubled duties on imports from India reaching 50% and new tariffs on Swiss goods, including a 39% levy on all Swiss imports and duties on 1-kilogram gold bars.The actions, framed as responses to trade practices involving Russian crude and concerns over gold refining, come amidst a week of market volatility driven by earnings reports and speculation surrounding the future of Federal reserve policy.

Market Rebound Following Economic Data & Earnings Surge

The week began with a recovery on Wall Street following recent declines spurred by a disappointing jobs report and a slight increase in inflation figures in June. However, strong corporate earnings provided a important boost, overshadowing earlier concerns.

palantir Technologies led the S&P 500 with a remarkable 20% weekly gain, pushing its market capitalization past the $500 billion mark after exceeding expectations in its second-quarter results. Apple Inc. also experienced ample gains, surging over 10% – its strongest weekly performance since 2020 – following the announcement of an additional $100 billion investment in U.S. manufacturing, building on a previous $500 billion pledge. This investment secured an exemption from Trump’s existing tariffs and is anticipated to drive increased iPhone sales.

While the technology sector thrived, pharmaceutical companies faced headwinds. Eli Lilly & Co. saw a dramatic 14% plunge on Thursday, its worst single-day performance as August 2000, after clinical trial data for its weight-loss drug, orforglipron, failed to meet anticipated benchmarks.

Trump’s Trade Actions & Potential Impact

The newly imposed tariffs on India target New Delhi’s purchase and resale of Russian crude oil. The duties on Swiss imports, including the gold levy, are expected to put pressure on Swiss gold refineries and potentially disrupt the global gold futures market. These actions represent a continuation of Trump’s protectionist trade policies, which were a hallmark of his previous presidency.

Federal Reserve Board Nomination & Potential Shift in Monetary Policy

Adding to the economic landscape, Trump has nominated Stephen Miran, the current chair of the Council of Economic Advisers, to fill the vacant seat on the Federal Reserve Board previously held by Adriana Kugler. Miran’s term is set to run untill January 2026. He has publicly argued that tariffs do not necessarily lead to inflation, a position that aligns with Trump’s stated goal of lowering interest rates.Analysts believe Miran would likely support the former President’s economic agenda within the Fed.

Moreover, reports indicate that Trump is considering current Fed Governor Christopher Waller as a potential successor to Chair Jerome Powell when Powell’s term expires next year. Waller notably dissented in July’s Fed meeting, advocating for a rate cut while Powell and the majority of policymakers opted to maintain existing rates. This suggests a potential for a significant shift in monetary policy under a different leadership.

Source: Benzinga, a financial news and data company headquartered in Detroit.

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