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Good morning investors! The market was red today as new tariffs entered the market.
Today we cover:
Trump announces new tariffs
Tesla has a fall
Robinhood in trouble?
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The result? Smarter decisions and a portfolio you can be proud of.
📊 Economy and News
Trump Imposes Steep Tariffs on 14 Countries Effective August 1
President Donald Trump announced new tariffs on imports from 14 countries, effective August 1, 2025, via social media posts sharing signed letters to leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand.
Tariff rates range from 25% (Japan, South Korea, Malaysia, Kazakhstan, Tunisia) to 40% (Laos, Myanmar), with South Africa at 30%, Indonesia at 32%, Bangladesh and Serbia at 35%, and Cambodia and Thailand at 36%.
The letters warn against retaliatory tariffs and suggest potential adjustments based on U.S. relations with each country.
Trump delayed the tariff implementation from July 9 to August 1 via an executive order, citing advice from senior officials.
The tariffs align closely with rates announced on April 2, adjusted after a 90-day pause in April lowered them to 10%. The letters address trade deficits, though experts question their economic impact. Transshipping to evade tariffs will incur higher duties. More letters are expected soon.
Experts are divided on the impact. Jim Cramer says Trump’s latest round of tariffs isn’t ‘meaningful’ while some think it could test the market.
Global hits:
Canadian government seeks billions of dollars of savings over next three years.
Bank of Israel holds firm, won’t commit to near-term rate cuts.
Egypt inflation seen having eased to 16.2% in June.
Reminder: The U.S. dollar tumbled 10.7% against its global peers through June, making it the worst first half since 1973. Some experts think that this decline may continue in July.
Exciting: US lifts chip design software curbs against China following London trade talks. Also, Black unemployment has just rose to its highest level since January 2022.
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📈 Stocks
S&P 500 6,229.98 (-0.79%)
DJIA 44,406.36 (-0.94%)
NASDAQ 20,412.52 (-0.92%)
BRENT CRUDE 69.46 (-0.17%)
* Prices as of Jul 8th, 12:20 AM UTC
Musk wants a new party, investors say NO!
Elon Musk said he would form a new political party called the “America Party", sending Tesla shares down nearly 7%. It will be a pro-gun, pro-deregulation, pro-bitcoin political party to flip Senate and House seats within a year.
Tesla shareholders have wanted Musk to stay away from politics, especially after his stint at the so-called Department of Government Efficiency, which many have said damaged the automaker’s brand.
Wedbush’s Dan Ives warns this could distract Musk from Tesla during a critical time.
Axios suggests Musk’s wealth could secure state ballot access. However, Bernard Tamas, author of “The Demise and Rebirth of American Third Parties,” notes third parties typically only disrupt without lasting impact.
Musk’s party goals align closely with the GOP, which currently dominates federal government branches.
Do you think Musk will go ahead and launch a new political party?
Also check: CoreWeave plans to buy Core Scientific, a data center infrastructure operator in an all-stock deal valued at approximately $9 billion. As a result, CoreWeave wouldn’t have to pay rent to Core Scientific, helping save $500M per year.
Shell anticipates weaker Q2 trading results impacting earnings, despite improved refining margins and stable gas output.
Lastly, Waymo to begin testing in Philadelphia with safety drivers behind the wheel.
Good to know: China’s BYD to start assembling electric cars in Brazil. Lastly, U.S. regulators are investigating 1.2M Ram trucks for potential brake transmission issues, shifting retail sentiment from bullish to neutral.
Surprising: Samsung expects second-quarter profits to more than halve as it struggles to capture AI demand. Samsung also projected its revenue to hit 74 trillion won, falling short of LSEG smart estimates of 75.55 trillion won. The company has been falling behind competitors like SK Hynix and Micron in high-bandwidth memory chips.
🔐 Crypto
Bitcoin $108,408 (+0.43%)
Ether $2,552 (+0.12%)
Solana $148 (-0.63%)
Total market cap $3.33T (-1.22%)
* Prices as of Jul 8th, 12:20 AM UTC
EU Probes Robinhood's Tokenized OpenAI, SpaceX Shares
The Bank of Lithuania is investigating Robinhood’s blockchain-based “Stock Tokens” after OpenAI raised concerns about their association with the tokens.
Launched recently in the EU, the tokens offer indirect exposure to private companies like OpenAI and SpaceX.
OpenAI denied any partnership, stating the tokens are not their equity. Robinhood defends the product, but regulators are scrutinizing its structure and marketing for clarity and compliance. The outcome may impact Robinhood’s EU expansion.
💵 Personal Finance
Pros and Cons of 401(k) Loans
Pros
No taxes or penalties: Unlike withdrawals, loans aren’t taxed or penalized if repaid on time.
Interest benefits you: The interest you pay goes back into your 401(k), not to a lender.
No credit impact: Defaulted loans don’t affect your credit score, as they aren’t reported to credit bureaus.
Financial flexibility: Loans can help pay off high-interest debt (e.g., credit cards) or fund home improvements, potentially improving your financial situation.
Cons
Reduced investment growth: Borrowed funds miss out on market gains, which could significantly impact your savings due to lost compounding.
Double taxation on interest: Loan repayments are made with after-tax dollars, and the interest portion is taxed again when withdrawn in retirement.
Repayment risks: If you leave your job, you may need to repay the loan quickly (often within 60 days). Failure to repay results in taxes and penalties if you’re under 59½.
Lower take-home pay: Loan repayments, typically deducted from your paycheck, reduce your disposable income.
Example: Borrowing $15,000 from a $38,000 401(k) balance could cost $8,810 in taxes and penalties with a withdrawal, leaving $18,000 in your account. A loan keeps the full $38,000 intact, but you’d miss potential growth on the borrowed amount.
💰 Be a Better Investor
“One of the greatest disservices you can do a man is to lend him money that he can’t pay back.”
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.