Wall Street Breakfast Trump signs new tariff order
5 snips
Aug 1, 2025 President Trump introduces revised tariff orders that shake up the market. Reddit's strong performance and upbeat forecast send its shares soaring. Palantir secures a massive $10 billion deal with the U.S. Army, marking a significant win. Additionally, there’s buzz around Amazon's impressive quarter and Apple’s solid results, although investors remain cautious. The discussion also touches on Trump’s push for big pharma to reduce drug prices within 60 days, setting the stage for a potentially impactful economic shift.
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Trump's Aggressive Tariff Revision
- President Trump revised tariff rates broadly, with specific rates from 10 to 41 percent for various countries.
- Countries evading tariffs via trans-shipment face an extra 40 percent tariff, showcasing aggressive trade enforcement.
Reddit’s Earnings and Forecast Strength
- Reddit reported a strong Q2 beat with revenue of $500 million and $89 million net income.
- Its forecast and user growth surpass market expectations, driving shares up 15% pre-market.
Palantir’s Major Army Contract
- Palantir secured a potential $10 billion deal with the U.S. Army for software and data needs.
- The deal consolidates 75 contracts into one, offering volume discounts over up to 10 years.