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CNBC
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Trump's trade deals for 'the world' will be 'done by Friday,' but China will take longer: Lutnick
Commerce Secretary Howard Lutnick insisted Tuesday that President Donald Trump's upcoming Friday deadline to impose major tariffs on a slew of trading partners won't be delayed any further. But trade negotiations with China — the latest round of which are currently taking place in Stockholm, Sweden — are progressing on a separate timeline, Lutnick noted on CNBC's "Squawk Box." "We have our own team working with China. They're their own thing," he said. "But for the rest of the world, we're going to have things done by Friday." "August 1 is the date that we're setting all these rates, and they are off to the races after that," he added. Trump's "reciprocal" tariffs on dozens of countries' imports are set to begin Friday. The president had first rolled out the far-reaching trade plan in early April, but he has since postponed the import taxes multiple times. Earlier this month, Trump shared letters sent to more than two dozen world leaders that set new tariff rates on their countries' exports to the U.S. starting Aug. 1. Most of those new tariff rates were close to the levels Trump had initially set in April, which were calculated using a formula that drew criticism from many economists. But some — in particular, a staggering 50% blanket tariff on imports from Brazil — were much higher. Lutnick has previously said that Friday is the "hard deadline" for those tariffs to start being paid — though he has also noted that the U.S. is still open to negotiating with countries after that date. Asked on CNBC about the status of trade negotiations with individual trading partners, Lutnick suggested that Trump has repeatedly rejected potential deals in pursuit of better terms for the U.S. "What's happened is many, many countries had made us okay offers to open their markets. You know, 50%, 30%," Lutnick said. "The president said, 'No, no, I want them open.'" "So now the price of a deal with the United States of America is black and white, completely open markets," Lutnick said. "He wants to make sure that Americans can sell their goods overseas." "So are there deals on the table for him to consider? Yes," Lutnick said. "But [the president] knows that he can just set the rate and set the price and move on."
CNBC
8 minutes ago
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JPMorgan Chase is nearing a deal to replace Goldman Sachs as Apple Card issuer, sources say
JPMorgan Chase, already the largest credit card issuer in the U.S., is nearing a deal to take over the Apple Card portfolio from Goldman Sachs, people familiar with the matter told CNBC. The banks declined to comment to CNBC. Apple didn't immediately return request for comment. The Wall Street Journal first reported the potential deal.
CNBC
38 minutes ago
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Ether treasury companies are just getting started, could own 10% of coin one day, says Standard Chartered
The last three months in crypto have brought a new wave of public companies pursuing crypto treasury strategies with ether – and they're not likely to slow down anytime soon, according to Standard Chartered. The trend has emerged as positive regulatory momentum has boosted interest by institutions and brands alike in stablecoins and tokenization of traditional assets – activity largely powered by the Ethereum network – which has been driven by positive regulatory momentum for the crypto industry. Since the start of June, ether accumulators have purchased 1% of the coin in circulation. In a note Tuesday, Standard Chartered's Geoff Kendrick pointed out that that's double the pace of bitcoin buying by corporate treasuries – and that the trend is just getting started. "ETH corporate treasuries can capture both staking rewards and decentralized finance (DeFi) leverage opportunities, which U.S. Ethereum ETFs currently cannot," he said. "As such, we think ETH treasury companies have even more growth potential than BTC ones from a regulatory arbitrage perspective. We think they may eventually end up owning 10% of all ETH, a 10x increase from current holdings." If the flows into treasury companies continue, he added, ether could break $4,000 – historically a challenging level for investors psychologically and technically – by the end of the year. The largest of these companies, Bitmine Immersion Technologies , holds 0.5% of the ether in circulation and has a goal of increasing its holdings to 5%, Kendrick noted, and it's likely other entrants will also join this cohort. "In the Bitcoin treasury space, it took several years for MSTR to spawn significant buying by imitators. For ETH this is likely to happen more quickly, as the broader concept of corporate holdings of digital assets is already accepted," he said. "If BMNR can achieve its goal of increasing its ETH holdings to 5% of the total in circulation, then it is fair to assume that ETH treasury companies as a whole will end up holding more than 10% of all ETH in circulation," he added. "This would be a 10x increase from today's corporate treasury holdings." SharpLink Gaming , whose board is chaired by Ethereum co-founder Joe Lubin, was one of the first to make the move. Bit Digital in June exited bitcoin mining to focus on its ETH treasury and staking plans. Most recently, The Ether Machine revealed plans to go public later this year through a SPAC with Dynamix . —CNBC's Michael Bloom contributed reporting.
