In move to lift Argentina visa restrictions, Trump rewards Milei's friendship
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CNBC
7 minutes ago
- CNBC
CNBC Daily Open: Little sign of Trump shifting gears in his interview
U.S. President Donald Trump joined CNBC's "Squawk Box" Tuesday for a lengthy interview that touched on tariffs, the Federal Reserve, the state of Russia's economy and being rejected as a customer by JPMorgan Chase and Bank of America. For those pressed for time and want a very broad TL;DR: Trump appears to be digging in on his policies. With modified country-specific "reciprocal" tariffs due to start Aug. 7 — and duties on India to be raised within the next 24 hours, according to Trump's comments during the interview — the Trump administration seems to be turning its attention to sectoral ones. Trump told CNBC that he will announce his tariff plan for semiconductors "within the next week or so." Additionally, he will impose "a small tariff" on pharmaceutical imports before ratcheting it up to 250% within a year and a half. The U.S. president doesn't look like he's backing down from his feud with the central bank, either. Days after the Fed chose to hold interest rates, Trump discussed his potential candidates to replace Jerome Powell as Fed chair. While Treasury Secretary Scott Bessent has taken himself out of consideration, among possible contenders are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director. "Both Kevins are very good," Trump said. Whichever Kevin — or "other people that are very good, too," in Trump's words — assumes the role when Powell's term ends in May 2026 (or is truncated earlier, depending on Trump's moves), they would have to help prop up an economy that seems to be slowing, as indicated by July's startling jobs report and ISM Services index. Semiconductor tariffs in the works. In an interview with CNBC, Trump said he will announce new tariffs on semiconductors as soon as next week. He also said he'd impose a "small tariff" on pharmaceuticals before raising it to as high as 250%. OpenAI is in talks that value it at around $500 billion. According to two sources with knowledge of the matter, OpenAI is discussing a potential secondary sale of stock by current and former employees. Its last funding round valued the company at $300 billion. India's central bank holds rates at 5.5%. The Reserve Bank of India's decision came in line with expectations from a Reuters poll of economists, and was unanimous, according to RBI Governor Sanjay Malhotra. Major U.S. stock indexes pull back. Stocks retreated Tuesday on ISM data that indicated the services sector nearly shrank in July. Asia-Pacific markets traded mixed Wednesday, with Asian chip stocks falling on Trump's semiconductor tariff threats. [PRO] Topping expectations might not be enough. Even though the S&P 500 is on track for second-quarter earnings growth of almost double digits, compared with a year earlier, investors are giving a muted response, according to Goldman Sachs. War-weary Syria will be hurt further by Trump's 41% tariff rate — the highest on earth In May, speaking to a rapt crowd in the Ritz-Carlton Riyadh, U.S. President Donald Trump stunned listeners by announcing he would be ordering the full lifting of U.S. sanctions on Syria, many of which had been in place for decades. "Now, it's their time to shine ... Good luck Syria," Trump said. Less than three months later, the Trump administration hit Syria with the highest tariff rate of any country in the world: 41%.
CNBC
7 minutes ago
- CNBC
Honda Motor first-quarter profit halves as U.S. auto tariffs bite
Japanese auto giant Honda's first quarter operating profits fell 50% year over year on Wednesday, missing estimates due to U.S. auto tariffs and a stronger yen. Here are Honda's results compared with mean estimates from LSEG: In the first quarter of its fiscal year, which ends on June 30, 2026, Honda's revenue came in at 5.34 trillion yen, beating mean estimates from LSEG. Operating profit fell about 50% to 244.17 billion yen, missing LSEG mean estimates of 323.48 billion yen. The earnings come after Japanese automobile makers began cutting prices on vehicle shipments to the U.S. in response to American President Donald Trump's 25% tariffs on imported vehicles, which came into effect on April 3. Trump last month announced a new trade deal with Japan that is said to include a lower tariff rate of 15% on Japan-made vehicle imports to the U.S. However, the timeframe for the change to take effect was not clarified. In June, the value of Tokyo's car exports to the U.S. fell 25.3% year over year, even though car export volumes to the U.S. rose by 4.6% in the same period, according to data from Japan's trade ministry. Auto exports to the U.S. are a cornerstone of Japan's economy, making up 28.3% of all shipments in 2024, according to customs data. Japanese Prime Minister Shigeru Ishiba said Monday he would not hesitate to speak with President Donald Trump to ensure the cut to U.S. automobile tariffs is implemented soon. The country's chief trade negotiator Ryosei Akazawa left for Washington on Tuesday, seeking to press Trump to sign an executive order that would confirm the exact date for the auto tariffs to be lowered.
Associated Press
7 minutes ago
- Associated Press
Trump-backed Nawrocki assumes the Polish presidency and could steer a more nationalist course
WARSAW, Poland (AP) — Conservative Karol Nawrocki will take office Wednesday as Poland 's new president, which could set the country on a more nationalist course — and cast doubt on the viability of the centrist government of Prime Minister Donald Tusk. Most day-to-day power in Poland rests with the prime minister, chosen by the parliament. However, the president holds the power to influence foreign policy and veto laws. Nawrocki, who was supported by U.S. President Donald Trump ahead of a narrow victory in a runoff election in June, is a 42-year-old historian who had no political experience prior to campaigning. He was not even a political party member until being approached by the conservative Law and Justice party that governed Poland from 2015 to 2023. Nawrocki's supporters describe him as the embodiment of traditional, patriotic values. Many of them oppose abortion and LGBTQ+ visibility and say Nawrocki reflects the values they grew up with. The American conservative group CPAC held its first meeting in Poland during the campaign to give him a boost. Kristi Noem, the U.S. Homeland Security secretary and a Trump ally, praised Nawrocki and urged Poles to vote for him. His campaign echoed themes popular on the U.S. right. A common refrain from his supporters is that Nawrocki will restore 'normality,' as they believe Trump has done. U.S. flags appeared at his rallies. Nawrocki's quick political rise has not been without controversy, with reports linking him to underworld figures whom he met while boxing or working as a hotel security guard in the past. Nawrocki has also been linked to a scandal involving the acquisition of a Gdansk apartment from a retiree. Allegations suggest Nawrocki promised to care for the man in return but failed to fulfill the commitment, leading the man to end up in a publicly funded retirement home. Nawrocki's shifting explanations raised questions about his transparency and credibility. After the scandal erupted, he donated the apartment to a charity.
