Forbes Daily: What's Next For Trump Administration Tariffs This Week
The long-held advice of scrubbing accounts of political opinions or making your online presence private won't necessarily cut it in 2025. One out of four candidates applying to any job could be fake by 2028, research and advisory firm Gartner predicts, and screening social media is one of a number of ways companies are verifying that job applicants are, in fact, real people.
It's not all that different from the Trump Administration's recent approach to those applying for student visas, but it's worth noting that employers in the private sector have other methods to confirm someone's identity, like: checking the age of the email address they used to apply, as well as their phone numbers and carriers, and other profile metadata.
Traders work on the floor of the New York Stock Exchange during afternoon trading on August 1, 2025 in New York City. Michael M. Santiago/Getty Images
President Donald Trump's tariffs on nearly all key U.S. trading partners will go into effect Thursday—a week later than his self-imposed deadline of August 1. The president signed an executive order last week updating the tariff rates for 67 countries, the European Union and Taiwan, ranging from 10% to 41%. The new order does not cover rates for China or Mexico, both of which are still engaging with the U.S. on trade talks.
MORE: Trump hit Switzerland with a steep 39% levy, a move that could impact the prices of many luxury goods and medical devices. Switzerland exported nearly $61 billion in goods to the U.S. last year, including timepieces from some of the world's finest watchmakers, such as Rolex, Omega and others.
Around 3,200 workers at Boeing's St. Louis defense factories went on strike as of midnight Monday, after rejecting a contract offer Sunday afternoon that would have raised wages by 20%. It's the first walkout at this facility since 1996, though Boeing faced a larger machinist strike last year in Washington.
Despite beating expectations for second-quarter revenue and earnings per share, Amazon stock had dipped 8% by market close on Friday after investors were spooked by modest third-quarter earnings guidance and increased cloud and AI competition from Microsoft and Google. Tariff impacts on Amazon retail prices remain to be seen, as CEO Andy Jassy said, 'It's impossible to know what will happen.' WEALTH + ENTREPRENEURSHIP
Figma's cofounder and CEO Dylan Field is now a billionaire. Gabriela Hasbun for Forbes
Design startup Figma faced an uncertain future back in January 2024 after a $20 billion takeover by Adobe fell apart, leading cofounder and CEO Dylan Field to slash the company's internal valuation and offer employees a voluntary exit package. Just 18 months later, Field's move has paid off. Figma went public Thursday, ending its first day of trading at $115.50 per share, more than triple its IPO listing price and pushing Field's net worth up to an estimated $6.4 billion and making cofounder Evan Wallace a billionaire. TECH + INNOVATION
AI-enabled 'vibe coding' providers are a hit with software developers, but the tools' ever-evolving pricing plans—like new, unexpected charges from Cursor last month—are cause for frustration. Open-source coding tool Cline recently announced a $27 million funding round to help achieve its goal of making AI service billing more transparent. MONEY + POLITICS
President Donald Trump fired Erika McEntarfer, Bureau of Labor Statistics commissioner, after last week's anemic jobs report showed a steep drop-off in positions added in July and eliminated hundreds of thousands of previously reported gains. Friday's jobs report showed that only 73,000 nonfarm jobs were added last month, well below economists' projections, and cut a combined 258,000 jobs from the counts in May and June, indicating a weaker market than previously thought.
The Office of Special Counsel is investigating former special counsel Jack Smith for alleged violations of the Hatch Act, which prohibits federal employees from engaging in political activities. Smith is known for leading two criminal investigations into Trump, and Senator Tom Cotton (R-Ark.), who requested the probe, claims those were 'nothing more than a tool for the Biden and Harris campaigns.' SPORTS + ENTERTAINMENT
Los Angeles-based sports agency CAA has once again earned the top spot on Forbes' list of the Most Valuable Sports Agencies—ranking No. 1 for the 10th time. With more than 3,000 clients and $1.14 billion in maximum commissions, the agency hasn't stopped growing. Meanwhile, Scott Boras once again tops our list of the Most Powerful Sports Agents, leading a collection of 20 agents that have an eye-popping $32 billion in contracts under management.
A group led by Boston Celtics minority owner Steve Pagliuca reached a deal Saturday to buy the WNBA's Connecticut Sun for $325 million, a price tag that would be the largest ever for a professional women's sports franchise, according to multiple reports. The deal, which would move the team to Boston by 2027, still requires approval from the WNBA and the league's Board of Governors. SCIENCE + HEALTHCARE
Longtime drug developer Suma Krishnan took two unusual chances when cofounding her biotech firm, Krystal Biotech: She set out focusing on one treatment for a rare disease—a completely new approach with a high chance for failure, no less—and she shunned venture capital in favor of self-funding. Today, Krystal is public on the Nasdaq and has a market cap of $4.4 billion, thanks to their FDA-approved therapy, Vyjuvek, for 'butterfly skin disease.' TRENDS + EXPLAINERS
With plenty of summer still to go, more than half of families said they'd started back-to-school shopping earlier than usual over concerns that prices will rise due to tariffs, according to a National Retail Federation survey. If you've recently moved or are back-to-school shopping for the first time, see if your state offers a sales tax holiday on certain items. DAILY COVER STORY How Small Business Can Survive Google's AI Overview
ILLUSTRATION BY MACY SINREICH FOR FORBES; IMAGES BY PACHARAWI IMSUWAN; PACHARAWI IMSUWAN; MALTE MUELLER VIA GETTY IMAGES
In May 2024, Google rolled out AI Overviews, and changed the game for running a successful online business.
For years, the formula for success was simple: Climb the search rankings in Google and/or shell out for ads on Alphabet's dominant search engine to drive traffic to a site. Now, AI Overviews—which deliver answers, not links, at the top of a search page—have dramatically cut down on actual clicks to websites.
Local businesses have mostly been spared from the pain thus far, as their customers arrive through location-based searches. But time is running short for them, too, and search engine optimization consultants are urging their clients to take steps now.
They're offering some surprising advice: Even though AI summaries don't directly lead to clicks, they say, it's important that companies show up in them, meaning that they need to increase their sites' educational content.
Internet veteran Andrew Shotland, who founded Local SEO Guide in 2006, says that research shows people increasingly trust AI summaries. So while the companies that do show up in these summaries may get fewer clicks than before AI, they also may be getting higher-quality leads. The people who click after reading a summary may be more serious about a subject—or closer to the point of buying.
WHY IT MATTERS It's hard to overstate the importance of online searches for merchants. In 2022, research firm Forrester estimated that 59% of all retail transactions had a digital component, meaning the sale either happened online or the customer researched the product or company online first before buying at a physical location. That translated into $2.7 trillion in revenue.
MORE Inside America's Top Small Business Bank FACTS + COMMENTS
The U.S. housing market is more buyer-friendly than it's been in years, largely thanks to a surge in inventory. Still, affordability remains an issue, with many prospective buyers holding out for prices to drop:
1.36 million: The number of homes actively for sale in June, the most since November 2019
$435,300: The median sales price for existing homes in June, a record
'A price correction is necessary,' Zillow senior economist Orphe Divounguy says, to ensure housing market momentum STRATEGY + SUCCESS
Most HR departments now utilize some form of AI to screen job candidates, but studies show that this embrace of the technology hasn't slowed burnout among HR professionals. What's more, many employers agree that automated screening systems can disqualify viable candidates. To find recruiting success, companies must strike a balance between AI tools and human oversight, enabling hiring managers to focus on soft skills like problem-solving and potential culture fit. VIDEO
What movie—which was recently crowned the most-watched animated film of all time on Netflix—is also making waves on the Billboard Hot 100 chart?
A. 'Lost In Starlight'
B. 'Sneaks'
C. 'Smurfs'
D. 'KPop Demon Hunters'
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Caroline Howard.
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