Trump imposes 50% tariff on copperPresident Trump announced
a 50% tariff on copper imports in a social media post that noted, “Copper is the second most used material by the Department of Defense!” The tariff starts August 1. U.S. copper prices rose
on the news. The tariff means Americans would pay an effective price of $15,000 per metric ton for a commodity available for around $10,000
everywhere else.
Brazil “Witch Hunt” tariff set at 50%The president set
a much higher tariff on Brazil than most other countries are getting because of its treatment of former president Jair Bolsanaro, who has been formally charged with trying to stage a coup in the country. Trump said the case was a “Witch Hunt that should end IMMEDIATELY!” Reality check: Bolsanaro still faces a trial on the charges against him.
Fed members see tariffs causing inflationFrom
the minutes of the Fed’s last meeting: “While a few participants note that tariffs would lead to a one-time increase in prices and would not affect longer-term inflation expectations, most participants noted the risk that tariffs could have more persistent effects on inflation.” Nonetheless, 10 members of the FOMC expect two or more cuts by year end, two people see one cut, and seven see no cuts. Some observers think the chances of a jumbo 50-point cut in December
are now increasing.
Misconduct allegations at Möet & ChandonMöet & Chandon is the defendant in
a French employment tribunal in which Maria Gasparovic, a former chief of staff, alleges she was fired after complaining about sexual misconduct among senior colleagues. She claims she was told she needed “anti-seduction” training, and is seeking €1.3 million in compensation. The company denies wrongdoing.
Tesla’s AGM is MIAThe law requires Tesla to hold an annual general meeting by July 13 but so far the company has not scheduled such a meeting nor has it filed proxy documents, the NYT reports. Investors are not pleased.
Yaccarino leaves XLinda Yaccarino
announced yesterday that she is stepping down as CEO of X in a post on the platform, thanking Elon Musk, the platform’s owner, for the opportunity. The advertising veteran led the company through multiple controversies over the past two years and is one of at least 15 senior leaders who’ve stepped down from Musk’s companies in the past year.
Nvidia makes market cap historyNvidia became the first public company in history to
reach a market cap of $4 trillion on Wednesday as the market rallied despite continued tariff uncertainty. The chipmaker’s stock is up 17% since the beginning of the year.
Apple’s AI woesWedbush Securities analyst Dan Ives
warned in a note on Wednesday that Apple’s “window is narrowing” in terms of developing AI products and suggested that the company purchase AI startup Perplexity to catch up. Ives suggested that even paying double Perplexity’s $14 billion valuation—up to $30 billion—would be worth it.