Last week, President Donald Trump unveiled a new wave of ‘reciprocal’ tariffs targeting 69 trading partners that have yet to finalise trade agreements with the United States. These tariffs, ranging from 10% to 41%, are scheduled to come into effect on August 7. Among the most surprising developments was the imposition of a 39% tariff on Switzerland, a country which was widely expected to reach a more favourable trade agreement.

In October 2019, Chile experienced its most serious social upheaval since the end of military rule. A seemingly minor increase in Santiago’s metro fares sparked widespread protests, rapidly escalating into nationwide unrest driven by deep-rooted social and economic inequalities.

In theory, the reform of the Dutch pension system from defined benefits to a defined contribution could be a shadow hanging over the longer end of European interest rate curves. But even there, we have known for numerous years that this reform was going to happen. Over those years, this reform has been used as an easy explanation for interest rate moves, especially when no other clear catalyst was available.