Macro Briefing: 7 August 2025

Trump’s new tariffs take effect today, affecting imports from dozens of countries. Most imports into the are now subject to a baseline 10% duty, with the overall average effective tariff rate rising to more than 17% — the highest since 1935.

Apple says it’s investing $100 billion in its US manufacturing capacity. The announcement equates with raising raising its total planned four-year investment in the country to $600 billion.

China’s exports beat expectations, rising 7% in July vs. the year-ago level. The export increase went to non-US markets: Beijing’s exports to the US fell for the fourth consecutive month on a year-over-year basis.

Federal Reserve Governor Lisa Cook said the hefty downward revisions to jobs created in May and June are “typical of turning points” in the economy. “When we get the GDP numbers later this year, we’re going to see, I can imagine, lower activity.”

President Donald Trump on Wednesday said that he will impose a 100% tariff on computer chips unless firms build in the US. Semiconductor stocks fell for a second day, but remain near the recent peak for the shares, based on the Van Eck Semiconductors ETF (SMH).