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Top stories today:
- Trump vows no tariff extension, hits copper with 50% tariff
- Meta said to back EssilorLuxottica with $3.5B for AI glasses push
- Apple COO Jeff Williams to retire, Sabih Khan named successor
- SpaceX valuation said to hit $400B in share sale
- Mistral said to be in talks with MGX, others to raise up to $1B
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).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Trump vows no tariff extension, hits copper with 50%, warns drugmakers of 200% duty
U.S. commerce futures trade at a record 25% premium to London benchmark on Tue. after Trumpās announcement:
āTARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,ā Trump wrote on Truth Social.
Mon.: ānot 100% firmā on the Aug. 1 deadline, Trump had said.
Advisers reportedly urged delay on trade deals, prompting Trump to push reciprocal tariffs to Aug. 1.
Additional 10% levy on India for its participation in BRICS, Trump said.
EU is working closely to get a trade deal with the U.S., European Commission President Ursula von der Leyen said.
Expected to give pharma firms time to shift U.S. production before 200% tariffs hit, Trump said.
Drugs, semiconductors, and metals would see new tariffs, Trump stated.
U.S. copper inventories surged on Tue. as prices spiked following Trumpās comments
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3. Meta said to back EssilorLuxottica with $3.5B for AI glasses push
<3% stake reportedly worth ~ā¬3B at current market prices.
Meta could increase the stake to ~5% over time.
+6.9% to $148 in EssilorLuxotticaās American depositary receipts, their biggest intraday jump since Apr. 9.
Jun.: Meta launched Oakley-branded smart glasses with EssilorLuxottica.
4. Apple COO Jeff Williams to retire, Sabih Khan named successor
