Top stories today:

1. Trump vows no tariff extension, hits copper with 50% tariff
2. Meta said to back EssilorLuxottica with $3.5B for AI glasses push
3. Apple COO Jeff Williams to retire, Sabih Khan named successor
4. SpaceX valuation said to hit $400B in share sale
5. Mistral said to be in talks with MGX, others to raise up to $1B

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s 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 Trump’s announcement:

• “TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,” Trump wrote on Truth Social.

• Mon.: “not 100% firm” 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 Trump’s comments

3. Meta said to back EssilorLuxottica with $3.5B for AI glasses push

• <3% stake reportedly worth ~€3B at current market prices.

• Meta could increase the stake to ~5% over time.

• +6.9% to $148 in EssilorLuxottica’s 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