Squawk on the Street
Markets and U.S.-U.K. Trade, Trump: "Powell Is a Fool," Arm Shares Slump 5/8/25
May 8, 2025
In this engaging discussion, Harley Finkelstein, President of Shopify, shares insights on the evolving U.S.-U.K. trade relationship and the impact of tariffs on e-commerce. He explores how merchants can adapt to macroeconomic changes amid rising tensions, particularly following Trump’s provocative comments about Jerome Powell and the Fed's interest rate stance. The conversation also touches on market reactions to Arm Holdings’ weak guidance, underscoring the challenges faced by tech companies in this shifting landscape.
45:41
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Quick takeaways
- The U.S.-U.K. trade framework aims to enhance economic ties, though it emphasizes tentative agreements rather than immediate reductions in trade barriers.
- Investor sentiment remains cautious as economic indicators suggest potential stagnation, impacting market behavior despite some positive developments like steady jobless claims.
Deep dives
Trade Agreement with the UK
A new trade framework between the U.S. and the UK was announced, aiming to strengthen economic ties between the two nations. This agreement, however, is not a traditional free trade deal as it seeks to pave the way for future negotiations rather than immediately reducing barriers. Many aspects of the trade relationship remain tentative, with a focus on details that suggest incremental improvements rather than sweeping changes. The discussion highlights ongoing concerns about tariffs, particularly the 25% aluminum and steel tariffs currently in place.
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