Bitcoin Nears $100K as Trump Teases ‘Big' Trade Deal
Trump will hold a 'major' trade deal news conference at 10 a.m. ET, where the announcement is supposed to be the 'first of many.'
The identity of the country involved remains unclear. Still, some reports say it is believed to be the U.K. Easing tariffs could soften inflationary pressures and improve the backdrop for investing in crypto, tech, and other high-beta assets.
Bitcoin has gained more than 5% in the past 24 hours, extending its weeklong rally as macroeconomic conditions improve.
A combination of falling bond yields, a weakening dollar, and renewed institutional flows into spot bitcoin ETFs has fueled upward momentum.
The announcement also comes amid rising political pressure on U.S. leaders to counter China's growing influence and revive domestic manufacturing. While full details remain under wraps, any rollback of tariffs could quickly buoy prices of risk assets.
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23 minutes ago
- Yahoo
Trump tariffs live updates: US keeps AA+ rating as tariffs aid fiscal outlook
The S&P Global Ratings affirmed the US's AA+ long-term credit rating with a stable outlook on Monday, saying tariff revenues will help offset the fiscal blow from President Trump's recent tax and spending bill. The agency's view comes despite Trump's sweeping tariffs, which have rattled markets and strained trade ties. Meanwhile, Brazil submitted its formal response to a US trade investigation, rejecting the allegations while challenging the legitimacy of the probe itself. The investigation, launched in July under Section 301 of the 1974 Trade Act, will examine whether Brazil's digital trade and tariff policies unfairly harm US businesses, US Trade Representative Jamieson Greer said. Brazil's finance minister Fernando Haddad said the country has hit an impasse with with the US over tariffs, adding that resolving the dispute will depend on Washington's willingness to engage. White House trade advisor Peter Navarro warned India about "cozying up" to Russia and China through oil purchases in an op-ed published Monday in the Financial Times. "If India wants to be treated as a strategic partner of the US, it needs to start acting like one," Navarro wrote. President Trump announced additional 25% tariffs on Indian goods earlier this month, citing New Delhi's continued purchases of Russian oil. The European Union, meanwhile, is seeking to stop the US from challenging its digital rules as both sides finalize a delayed statement on a trade deal reached last month. US trade partners that believed they had worked out agreements with President Trump to avoid the harshest tariffs — such as the exemption for UK steel — are still waiting for their "deals" to be sealed as economic consequences compound over time. Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below). The next negotiations to watch are Canada, Mexico, and China in the coming months. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump widens metal tariffs to target baby gear and motorcycles President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. Trump cracks down on Latin American countries with military action and tariffs In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. Trump tariffs get seal of approval as S&P affirms credit rating S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. Brazil challenges legitimacy of US trade probe, urges dialogue Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil deadlocked with US over 50% tariffs, finance minister says The Financial Times reports: Read more here. Nissan's Infiniti attempts 'product renaissance' to jump-start sales and blunt tariffs Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Germany says written EU-US trade deal requires lower car duties Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Fewer fake firs, higher prices: China tariff delay does little to save the holidays The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. China ramps up rare earth exports after fright for global buyers Bloomberg News reports: Read more here. EU push to protect digital rules holds up trade statement with US The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. US adviser Navarro says India's Russian crude buying must stop Reuters reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. Trump says semiconductor tariffs could reach 300% President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Trump widens metal tariffs to target baby gear and motorcycles President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. Trump cracks down on Latin American countries with military action and tariffs In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. Trump tariffs get seal of approval as S&P affirms credit rating S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. Brazil challenges legitimacy of US trade probe, urges dialogue Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil deadlocked with US over 50% tariffs, finance minister says The Financial Times reports: Read more here. The Financial Times reports: Read more here. Nissan's Infiniti attempts 'product renaissance' to jump-start sales and blunt tariffs Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Germany says written EU-US trade deal requires lower car duties Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Fewer fake firs, higher prices: China tariff delay does little to save the holidays The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. China ramps up rare earth exports after fright for global buyers Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. EU push to protect digital rules holds up trade statement with US The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. US adviser Navarro says India's Russian crude buying must stop Reuters reports: Read more here. Reuters reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. Trump says semiconductor tariffs could reach 300% President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Sign in to access your portfolio
Yahoo
23 minutes ago
- Yahoo
Swiss knife maker considers production shift to ease U.S. tariffs
BERLIN (Reuters) -Victorinox, maker of Swiss army knives, is considering moving part of its production to the United States to lessen the impact of import tariffs on its business, the company's CEO told the Wirtschaftswoche business magazine. "We are looking into carrying out directly on site individual processing steps at the end of the value chain, such as the final cleaning and packaging of commercial knives," Carl Elsener said in an interview published on Tuesday. "That would reduce the value of the goods on which we have to pay customs duty by 10% to 15%," he added. Switzerland has been particularly hard hit by Washington's trade policy under President Donald Trump, who earlier this month ratcheted up U.S. tariffs on Swiss imports to 39%. The U.S. is an important market for Swiss machinery, watches and chocolate. Victorinox, which makes commercial knives as well as its well-known pocket knives, generates some 13% of its revenue in the country. Elsener told WirtschaftsWoche the customs duties were coming at an already difficult time. "The strong Swiss franc has put our competitiveness and our margins under considerable pressure," he told the magazine. However, he added that high inventories in the U.S. ensured that the tariffs would not affect Victorinox until the beginning of next year. (Writing by Rachel MoreEditing by Madeline Chambers) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
Xiaomi's Revenue Rises 31% After Second EV Fires Up Consumers
(Bloomberg) -- Xiaomi Corp.'s quarterly revenue rose a slightly better-than-anticipated 31% after the successful launch of its second electric vehicle helped counter slowing demand for smartphones. Revenue climbed to 116 billion yuan ($16.2 billion), versus the average analyst estimate of about 115 billion yuan. Net income roughly doubled to 11.9 billion yuan. Xiaomi delivered 81,302 cars in the second quarter, taking the total to more than 157,000 over the first half — on track to surpass 2024's haul. A Photographer's Pipe Dream: Capturing New York's Vast Water System Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Festivals and Parades Are Canceled Amid US Immigration Anxiety Princeton Plans New Budget Cuts as Pressure From Trump Builds Strong demand for the YU7 sport utility vehicle, which co-founder Lei Jun released at the end of June, is propelling Xiaomi's $10 billion gamble on a fast-growing but crowded EV arena. The company aims to take on Tesla Inc. and BYD Co. and become one of the world's top five carmakers, despite a production crunch that's testing its ability to scale up. Wait times for the SUV have stretched to more than a year. Lei said at an investor meeting in June that the carmaking venture is expected to turn profitable in the second half of this year. Xiaomi has gained some $120 billion of market value over the past year, galvanized by a drive into EVs that's gained momentum against much larger and more experienced rivals. The company seems to have shaken off a fatal accident involving one of its SU7 sedans in March, which had its Autopilot turned on. The crash prompted regulators to rein in the deployment of advanced driver assistance technology. The Chinese government also intervened in June to try to stop a long-running price war that has squeezed margins all along the auto supply chain. Xiaomi has avoided getting embroiled in the discounting as demand for its vehicles remains high. Still, the stock is now trading at more expensive valuations than BYD as well as global smartphone rival Samsung Electronics Co. What Bloomberg Intelligence Says Revenue from its Smart EV and other new-initiatives segment might have gained 11% sequentially, supported by continued ramp-up in production capacity. The internet of things division could have delivered 30-40% sales growth on share gains in white goods and government subsidies. However handset sales growth might have slowed to a mid-single-digit percentage. Gross margin could have expanded year-over-year to 22.5%, driven by greater scale in the EV business and an improved internet of things product mix. However, gross margin may have dipped slightly vs. 1Q due to promotional sales and rising input costs in the smartphone segment. - Steven Tseng and Sean Chen Click here for the research. Xiaomi is grappling with a slowdown in its core business and sluggish consumer spending. Xiaomi along with rivals Apple Inc. and Huawei Technologies Co. offered steep discounts over the big June shopping festival in an attempt to lure shoppers, pressuring margins. AI and chip design is another venture where Xiaomi is ramping up resources. The Beijing-based firm unveiled a 3-nanometer chip called the Xring O1 chip, designed to power devices including the Tablet 7 Ultra. Lei said the company would invest $7 billion this decade into its semiconductor. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
