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- Trump announces up to 40% tariffs on 14 countries starting Aug. 1
Trump announces up to 40% tariffs on 14 countries starting Aug. 1
Bay Area Times
July 08, 2025
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Top stories today:
- Trump announces up to 40% tariffs on 14 countries starting Aug. 1
- Apple’s AI model chief leaves for Meta
- Samsung’s Q2 operating profit -56% YoY to $3.3B, lowest since 2023
- CoreWeave to buy Core Scientific in $9B all-stock deal
- OpenAI pay hike after Meta poaching may swell stock compensation
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
No major events today.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. Trump announces up to 40% tariffs on 14 countries starting Aug. 1
Japan, South Korea, Malaysia, and Kazakhstan will see 25% tariffs on goods imported to the U.S., per Trump’s letters.
The U.S. would “perhaps” consider adjusting the new tariff levels “depending on our relationship with your country,” Trump wrote in his letters.
Even more letters will be sent out in the coming days, White House press secretary Karoline Leavitt said.
The new tariffs replace the so-called reciprocal tariffs that Trump had announced in Apr. but paused for 90 days until Jul. 9.
The Aug. 1 deadline was “not 100% firm,” Trump said.
The S&P 500 rebounded from the Apr. 2 tariff plunge but was -0.8% after Mon.’s announcement
-0.8% in the Nasdaq 100 Index after the tariff updates were announced on Mon.
Trump’s latest tariff targets have included Japan and South Korea, the 2 giant U.S. import sources
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3. Apple’s AI model chief leaves for Meta
Representational image generated using ChatGPT.
Ruoming Pang was the manager in charge of Apple’s foundation models team.
2021: Pang joined Apple from Alphabet.
Meta reportedly offered a “package worth tens of millions of dollars per year” to secure Pang.
The exit could be another setback in Apple’s struggling AI efforts.
Meta has also hired OpenAI researcher Yuanzhi Li and Anthropic researcher Anton Bakhtin.
4. Samsung’s Q2 operating profit -56% YoY to $3.3B, lowest since 2023, as chip crisis deepens
Samsung’s chip profit has continued to drop for the 3rd quarter in Q1:
