Investing
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President Trump announced new global tariffs on dozens of countries last night, singling out Canada for a 35% levy.
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Tech giants Amazon and Apple are doing their best to keep the market afloat this morning — but it’s not enough.
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President Trump tweaked his global “reciprocal tariffs” policy again last night, signing an executive order imposing tariff rates ranging from 10% (for countries with which the U.S. has a trade surplus) to 15% (for countries with which we have a trade deficit but that have signed new trade deals to fix this) to as high as 41% (for countries that haven’t signed deals yet). Countries “transshipping” goods originally produced in other, higher-rate countries, will see a 40% tariff affixed to those re-exported goods.
Canada, despite having a trade agreement in place (the USMCA treaty among the U.S., Mexico, and Canada), will face 35% tariffs on goods, not covered by the USMCA, imported from that country.
The new tariff rates go into effect on August 7. Dozens of countries will be affected, reports CNBC. And tens of millions of U.S. investors are being affected already today, as the Vanguard S&P 500 ETF (NYSEMKT: VOO) tumbles 0.8% in premarket trading.
Adding to investor dismay: This morning’s jobs report showed additions of only 73,000 in July, less than the 100,000 predicted, and indicative of an economy that’s getting slowed down by continually changing — and rising — tariff rates. Estimates of job gains in May and June were further revised lower… by a combined 258,000 jobs.
Earnings
In earnings news, two megacap S&P 500 component companies reported after hours last night.
Amazon.com (Nasdaq: AMZN) reported Q2 profit of $1.68 per share, well ahead of the analyst forecast for $1.32. Revenue was $167.7 billion, crushing the forecast of $162 billion. Amazon further forecast that Q3 sales will range from $174 billion to $179.5 billion, again ahead of expectations.
Amazon stock is nonetheless down more than 7% premarket.
Apple (Nasdaq: AAPL) also reported last night, for its own fiscal Q3 2025. Earnings of $1.57 per share beat the analyst forecast by 15 cents. Revenue of $94 billion was nearly $5 billion better than expected. Apple, it seems, isn’t suffering from the tariffs turmoil at all.
Apple stock is up almost 2% in premarket trading.
Finally (for now), S&P 500 component Chevron (NYSE: CVX) reported a $1.77 per share profit for its Q2 this morning, two cents better than expected. Revenue of $44.8 billion, however, fell short of forecasts.
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