Investment Outlook July 2025

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07/2025

Uncertainty surrounding US trade policy already weighed heavily on markets in the first quarter, and then the US President escalated matters further at the start of the second. The announcement on April 2 of broad-based baseline tariffs of 10 percent, along with significantly higher country-specific levies, exceeded even the more pessimistic expectations and sent equity markets lower.

Nadja Bleuler

Chief Economist, Partner