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CNBC
an hour ago
- CNBC
CNBC Daily Open: Trump's interview suggests he's not backing down from his policies
U.S. President Donald Trump joined CNBC's "Squawk Box" Tuesday for a lengthy interview that touched on tariffs, the Federal Reserve, the state of Russia's economy and being rejected as a customer by JPMorgan Chase and Bank of America. For those pressed on time and want a very broad TL;DR: Trump appears to be digging in on his policies. With modified country-specific "reciprocal" tariffs due to start Aug. 7 — and duties on India to be raised within the next 24 hours, according to Trump's comments during the interview — the Trump administration seems to be turning its attention to sectoral ones. Trump told CNBC that he will announce his tariff plan for semiconductors "within the next week or so." Additionally, he will impose "a small tariff" on pharmaceutical imports before ratcheting it up to 250% within a year and a half. The U.S. president doesn't look like he's backing down from his feud with the central bank, either. Days after the Fed chose to hold interest rates, Trump discussed his potential candidates to replace Jerome Powell as Fed chair. Among those contenders are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director. "Both Kevins are very good," Trump said. Whichever Kevin — or "other people that are very good, too," in Trump's words — assumes the role when Powell's term ends in May 2026 (or is truncated earlier, depending on Trump's moves), they would have to help prop up an economy that seems to be slowing, as indicated by July's startling jobs report and ISM Services index. Semiconductor tariffs in the works. In an interview with CNBC, Trump said he will announce new tariffs on semiconductors as soon as next week. He also said he'd impose a "small tariff" on pharmaceuticals before raising it to as high as 250%. Trump has four candidates for Fed chair. While the president didn't reveal their identities, he said Treasury Secretary Scott Bessent has taken himself out of consideration. Major U.S. stock indexes pull back. Stocks retreated Tuesday on ISM data that indicated the services sector nearly shrank in July. The pan-European Stoxx 600 index added 0.15%, but European semiconductor stocks fell on Trump's tariff comment. AMD's earnings fall short of expectations. That's despite the chipmaker reporting second-quarter revenue that beat Wall Street estimates. Shares of Advanced Micro Devices lost more than 6% in extended trading. [PRO] Topping expectations might not be enough. Even though the S&P 500 is on track for second-quarter earnings growth of almost double digits, compared with a year earlier, investors are giving a muted response, according to Goldman Sachs. Russia's economy 'stinks,' Trump says, and lower oil prices will stop its warmachine The rift between Moscow and Washington looks set to deepen. "Putin will stop killing people if you get energy down another $10 a barrel. He's going to have no choice because his economy stinks," Trump, told CNBC's "Squawk Box" on Tuesday. The comments come after relations between Moscow and Washington, which remained cordial at the start of Trump's second term in office despite the ongoing war, soured in recent weeks.
Yahoo
2 hours ago
- Yahoo
Trump threatens 250% tariffs on pharma imports
This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. The U.S. plans to put tariffs of up to 250% on pharmaceutical imports over the next year and a half, President Donald Trump said in a Tuesday interview with CNBC. Trump said he would put a 'small tariff' on such imports initially but added that he would raise the duties to 150% and then 250% in 'one and a half years maximum.' The president indicated that announcements of pharmaceutical tariffs, as well as duties on semiconductors, would be announced 'within the next week or so.' The Trump administration in April initiated separate Section 232 investigations into pharmaceutical and semiconductor imports. Previous Section 232 probes have led to sector-specific tariffs on steel, aluminum and copper. Trump has long threatened levies on pharmaceutical products. In a July cabinet meeting, the president said he was planning to install tariffs 'at a very, very high rate, like 200%' on pharmaceutical products 'very soon.' During the same meeting, Trump said he would impose a 50% tariff on copper imports. At the end of July, Trump signed an executive order to install the duty on Aug. 1. Recommended Reading US launches probe into semiconductor imports Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
2 hours ago
- CNBC
August pullback is a buying opportunity for crypto: Bitwise CIO Matt Hougan
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry.
