Heard in the Street Monday Recap: Done Deal
Stocks affected by the deal, including chip and auto companies, moved. Semiconductor-equipment manufacturer ASML rose 2.6% after the deal exempted its products from levies. However, carmakers dropped, with BMW down 3.3% and Mercedes falling 3.2% in Europe. Analysts were skeptical that the energy purchase targets would be achievable.
Samsung and Tesla stocks rose after the companies reached a chip-supply deal. The multiyear agreement, worth more than $16 billion, involves Samsung making key chips for Tesla's electric cars. Tesla ended the session up 3%.
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Gizmodo
a few seconds ago
- Gizmodo
You Should Get All Those Switch 2 Accessories Now Before They Get Even More Expensive
The situation surrounding Trump tariffs hasn't eased its pressure on Nintendo. Even as the Switch 2 has become one of the fastest-selling consoles ever, the Mario maker said that select Switch 2 accessories may see price 'adjustments' starting Aug 3. Not only that, but the original Switch and Switch OLED could cost more going forward. I guess we shouldn't say we told you so, but even we didn't expect to witness original Switch models selling for $40 or $50 more than before. In a news post, Nintendo said U.S. customers can expect certain accessories, select amiibo, and the cute Alarmo bedside clock to all get more expensive in the next few days. After Nintendo fully revealed the Switch 2 in May, the company delayed preorders for North American customers and blamed the wide-reaching tariffs for the issue. While the console maker decided not to hike Switch 2 prices, it raised prices on the Switch 2 Pro Controller, Joy-Con 2 split controllers, and the official Switch 2 Camera peripheral by $5 each. We can expect some console extras to cost more, but we'll have to see which amiibos Nintendo decides to hike. We can assume the DK and young Pauline figurine for Donkey Kong Bananza is first in line. New Switch pricing in the U.S. (from Target) OG Switch $299 -> $339OLED Switch $349 -> $399Lite Switch $199 -> $229 — Nintendeal (@Nintendeal) August 1, 2025Nintendo said its games shouldn't cost any more after Aug. 3. That's not much of a relief considering the company is already pushing some titles for $70 or as much as $80. If some gamers were already suffering consternation surrounding the Switch 2's $150 jump from the original Switch to the Switch 2, the divide is already starting to shrink. Digital deals hunter Wario64 spotted that Target had already increased prices for the 8-year-old console. A Switch Lite went from $200 to $220. The original Switch now costs $40 more at $340. The fan-favorite Switch OLED, which was priced at $350 on launch, now sells for $400. Nintendo Joy-Con 2 (L)/(R) Light Blue/Light Red currently $94.99 (will increase to $99.99 this weekend according to Target) Amazon Best Buy GameStop #ad — Wario64 (@Wario64) August 1, 2025Target prices indicate the Switch 2 Pro Controller won't get a price hike, but both the Joy-Con 2 and the original Switch Joy-Con controllers will now cost more at $100 and $90, respectively. Alarmo will now cost $110, while prices on accessories, like the original Joy-Con charging stand, will go up by $5. The price hikes come on the heels of Nintendo declaring the Switch 2 had sold more than 6 million units globally in the first seven weeks after release—around July 24. The company said in its latest financial results that it sold nearly as many copies of Mario Kart World, though that includes the software downloads from the $500 Switch 2 and Mario Kart bundle. Nintendo didn't offer nearly as much data on its peripheral sales, though original Switch sales were already declining before the Switch 2 release. A more expensive console won't do Nintendo's older systems any favors. Either way, if you still had plans to grab a few Switch 2 accessories, you best do so now before they cost you even more.
The Hill
a few seconds ago
- The Hill
Switzerland, the land of luxury brands, could see prices skyrocket from Trump's 39% tariffs
Prices for the eponymous Swiss watches, Swiss chocolate and Swiss cheese could skyrocket in a week as a result of U.S. President Donald Trump's trade war. Switzerland, home to some the world's most recognizable luxury brands, now faces an upcoming 39% tariff from the U.S. Industry groups on Friday warned that both Swiss companies and American consumers could pay the price. Trump signed an executive order Thursday placing tariffs on many U.S. trade partners — the next step in his trade agenda that will test the global economy and alliances — that's set to take effect next Thursday. The order applies to 66 countries, the European Union, Taiwan and the Falkland Islands. In Switzerland, officials failed to reach a final agreement with the U.S. after Trump initially threatened a 31% tariff in April. Swiss companies will now have one of the steepest export duties — only Laos, Myanmar and Syria had higher figures, at 40-41%. The 27-member EU bloc and Britain, meanwhile, negotiated 15% and 10% tariffs, respectively. Figure came as a surprise The Swiss government spent Friday — the country's National Day — reeling from the news. Swiss President Karin Keller-Sutter said that the 39% figure was a surprise, because negotiators had hashed out a deal last month with the Trump administration that apparently wasn't approved by the American leader himself. 'We will now analyze the situation and try to find a solution,' Keller-Sutter told reporters. 'I can't say what the outcome will be, but it will certainly damage the economy.' The U.S. goods trade deficit with Switzerland was $38.5 billion last year, a 56.9% increase over 2023, according to the Office of the United States Trade Representative. Keller-Sutter said that she believes Trump ultimately chose the 39% tariff, because the figure rounded up from the $38.5 billion goods trade deficit. 'It was clear that the president was focused on the trade deficit and only this issue,' she said. Time is ticking for watch companies For Swiss watch companies, whose products already come with price tags in the tens of thousands — if not the hundreds of thousands — of euros, a timepiece for an arm could cost a leg, too, come next week. The 39% figure was especially galling to the Federation of the Swiss Watch Industry, because Switzerland in 2024 got rid of import tariffs on all industrial goods. 'As Switzerland has eliminated all custom duties on imported industrial products, there is no problem with reciprocity between Switzerland and the U.S.,' the federation said in a statement. 'The tariffs constitute a severe problem for our bilateral relations.' Swiss watch exports were already facing a prolonged slowdown, with significant declines in the United States, Japan and Hong Kong, according to the federation's June figures, the most recent available. Swatch and Rolex declined to comment Friday. Representatives for Patek Philippe, IWC and Breitling didn't respond to requests for comment. Sour taste for Swiss chocolatiers Multinational chocolatiers Nestlé and Lindt & Sprüngli said they have production lines in the U.S. for American customers. But small- and medium-sized Swiss companies are predicted to suffer under the tariffs. Roger Wehrli, chief executive of the Association of Swiss Chocolate Manufacturers. also known as Chocosuisse, said Switzerland exports 7% of its chocolate production to the U.S. It's not just the 39% tariff that's the issue. Once the manufacturers factor in the exchange rate between U.S. dollars and Swiss francs ($1 to 1.23 francs on Friday), Wehrli said, it's close to a 50% increase in costs for the Swiss companies. And that's a big number to pass on to American consumers, if the already-slim margins aren't further reduced. 'I expect that our industry will lose customers in the United States, and that sales volumes will decrease heavily,' he told The Associated Press. Wehrli said that he wants Swiss chocolatiers to sell to other markets around the globe to make up the difference. Still, he hopes American customers remember that Swiss quality beats cheaper quantity. 'I think even if prices for Swiss chocolate increase due to the very high tariffs, I think it's worth (it) to buy Swiss chocolate,' he said. 'It's worth (it) to really eat it consciously and to really enjoy it instead of eating a lot.' Tough pill for Swiss pharmaceuticals Swiss pharmaceuticals powerhouse Roche says that it's working to ensure its patients and customers worldwide have access to their medications and diagnostics amid the Trump tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation, we are prepared for potential tariffs being implemented and confident in managing any impacts,' the statement said. The company in April announced that it plans to invest $50 billion in the United States over the next five years, creating 12,000 jobs. The company already employs more than 25,000 people in the U.S. Meanwhile, Novartis, another major Swiss pharmaceutical firm, said in a statement that it was reviewing Trump's executive order. 'We remain committed to finding ways to improve access and affordability for patients,' it said.
Boston Globe
a few seconds ago
- Boston Globe
Switzerland, the land of luxury brands, could see prices skyrocket from Trump's 39 percent tariffs
Trump signed an executive order Thursday placing tariffs on many U.S. trade partners — the next step in his trade agenda that will test the global economy and alliances — that's set to take effect next Thursday. The order applies to 66 countries, the European Union, Taiwan and the Falkland Islands. In Switzerland, officials failed to reach a final agreement with the U.S. after Trump initially threatened a 31% tariff in April. Swiss companies will now have one of the steepest export duties — only Laos, Myanmar and Syria had higher figures, at 40-41%. The 27-member EU bloc and Britain, meanwhile, negotiated 15% and 10% tariffs, respectively. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Figure came as a surprise Advertisement The Swiss government spent Friday — the country's National Day — reeling from the news. Swiss President Karin Keller-Sutter said that the 39% figure was a surprise, because negotiators had hashed out a deal last month with the Trump administration that apparently wasn't approved by the American leader himself. 'We will now analyze the situation and try to find a solution,' Keller-Sutter told reporters. 'I can't say what the outcome will be, but it will certainly damage the economy.' The U.S. goods trade deficit with Switzerland was $38.5 billion last year, a 56.9% increase over 2023, according to the Office of the United States Trade Representative. Keller-Sutter said that she believes Trump ultimately chose the 39% tariff, because the figure rounded up from the $38.5 billion goods trade deficit. Advertisement 'It was clear that the president was focused on the trade deficit and only this issue,' she said. Time is ticking for watch companies For Swiss watch companies, whose products already come with price tags in the tens of thousands — if not the hundreds of thousands — of euros, a timepiece for an arm could cost a leg, too, come next week. The 39% figure was especially galling to the Federation of the Swiss Watch Industry, because Switzerland in 2024 got rid of import tariffs on all industrial goods. 'As Switzerland has eliminated all custom duties on imported industrial products, there is no problem with reciprocity between Switzerland and the U.S.,' the federation said in a statement. 'The tariffs constitute a severe problem for our bilateral relations.' Swiss watch exports were already facing a prolonged slowdown, with significant declines in the United States, Japan and Hong Kong, according to the federation's June figures, the most recent available. Swatch and Rolex declined to comment Friday. Representatives for Patek Philippe, IWC and Breitling didn't respond to requests for comment. Sour taste for Swiss chocolatiers Multinational chocolatiers Nestlé and Lindt & Sprüngli said they have production lines in the U.S. for American customers. But small- and medium-sized Swiss companies are predicted to suffer under the tariffs. Roger Wehrli, chief executive of the Association of Swiss Chocolate Manufacturers. also known as Chocosuisse, said Switzerland exports 7% of its chocolate production to the U.S. It's not just the 39% tariff that's the issue. Once the manufacturers factor in the exchange rate between U.S. dollars and Swiss francs ($1 to 1.23 francs on Friday), Wehrli said, it's close to a 50% increase in costs for the Swiss companies. And that's a big number to pass on to American consumers, if the already-slim margins aren't further reduced. Advertisement 'I expect that our industry will lose customers in the United States, and that sales volumes will decrease heavily,' he told The Associated Press. Wehrli said that he wants Swiss chocolatiers to sell to other markets around the globe to make up the difference. Still, he hopes American customers remember that Swiss quality beats cheaper quantity. 'I think even if prices for Swiss chocolate increase due to the very high tariffs, I think it's worth (it) to buy Swiss chocolate,' he said. 'It's worth (it) to really eat it consciously and to really enjoy it instead of eating a lot.' Tough pill for Swiss pharmaceuticals Swiss pharmaceuticals powerhouse Roche says that it's working to ensure its patients and customers worldwide have access to their medications and diagnostics amid the Trump tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation, we are prepared for potential tariffs being implemented and confident in managing any impacts,' the statement said. The company in April announced that it plans to invest $50 billion in the United States over the next five years, creating 12,000 jobs. The company already employs more than 25,000 people in the U.S. Meanwhile, Novartis, another major Swiss pharmaceutical firm, said in a statement that it was reviewing Trump's executive order. 'We remain committed to finding ways to improve access and affordability for patients,' it said. Advertisement Pietro De Cristofaro in Berlin, and David McHugh in Frankfurt, Germany, contributed to this report.
