Top stories today:

1. Trump announces most countries will face tariffs starting Aug. 7
2. Apple Q3 revenue +10% YoY to $94B, biggest growth since Dec. 2021
3. SEC launches “Project Crypto” to bring U.S. financial markets “on chain”
4. Figma +250% in debut after $1.2B IPO
5. Amazon Q2 revenue +13% YoY to $167.7B, net income +35%

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Trump announces most countries will face tariffs starting Aug. 7, pushing U.S. average to 15.2%

• Baseline rates stay at 10% for many partners from Trump’s Apr. tariffs.

• Raising Canadian tariffs to 35% risks straining ties further.

• 90-day extension Mexico has received to negotiate a better agreement.

• Thu.: the order was signed behind closed doors, without the fanfare of Trump’s Apr. rollout.

• No date yet on revised auto tariff rate’s implementation.

• Relatedly, federal judges questioned Trump’s use of emergency powers to justify broad tariffs.

3. Apple Q3 revenue +10% YoY to $94B, biggest quarterly growth since Dec. 2021

• +13% YoY in iPhone sales to $44.58B, boosted by stronger iPhone 16 demand.

• +13% in revenue from services to $27.42B.

• -8% in iPad sales to $6.58B, despite the low-cost iPad launch in Mar.

• -8.6% in wearables sales to $7.4B.

• $800M in tariff costs incurred in the Jun. quarter, Apple CEO Tim Cook said, lower than the $900M the company estimated in May.

  • ~$1.1B in tariff costs is estimated for the Sep. quarter.

The iPhone’s share of Apple’s revenue in Q3 rose slightly to 47%, up from 46% a year earlier

• 3B+ iPhones have been sold since the 2007 launch.

Apple’s China revenue +4.4% YoY to $15.4B in Q3, beating Wall Street’s $15.2B estimate

Apple spent $1.57B on capex and $4.76B on R&D in Q3

• “[S]ignificantly growing” investments in AI and reassigning staff to work on AI features, and even “very open to M&A”, Cook said.

4. SEC launches “Project Crypto” initiative to bring U.S. financial markets “on chain”