Asian stocks decline, Swiss Franc dips on Donald Trump’s tariffs

Asian stocks fell for a sixth straight session — the longest losing streak this year — as President Donald Trump announced new tariff rates and as solid earnings from megacap tech firms failed to lift broader market sentiment.The MSCI Asia Pacific Index dropped 0.5%, led by losses in South Korea. Contracts for the S&P 500 fell 0.3% while those for European stocks retreated 0.4%. Trump will maintain a minimum global tariff of 10%, while imports from countries with trade surpluses with the US face duties of 15% or higher, the White House announced Thursday.
The dollar was little changed Friday after posting its best month of the year in July.
The Swiss franc edged lower while the Canadian dollar was steady. The Thai baht held a small decline. Trump raised levies on Canada to 35% while Switzerland got a 39% rate.The moves signalled that concerns over tariffs and economic growth were starting to outweigh the AI-driven optimism that has buoyed megacap tech stocks. While artificial intelligence remains a pillar of long-term bullishness, investors are bracing for potential trade disruptions as the US and key partners weigh new levies.

“The announcement brings clarity on paper, but uncertainty in practice,” said Charu Chanana, chief investment strategist at Saxo Markets. “While markets now know the numbers, the lack of a clear framework behind these tariffs — and the seemingly arbitrary rates — only reinforces the sense of policy unpredictability. This makes it harder for businesses and investors to plan ahead.”

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