🚀 Trump tariffs on Japan and South Korea

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump announced sweeping 25% tariffs on all imports from Japan and South Korea, effective August 1, reigniting global trade tensions just days before reciprocal tariffs on other nations are set to resume. In letters posted to Truth Social, Trump framed the move as retaliation for persistent U.S. trade deficits, despite warnings from economists that such deficits aren’t inherently harmful. The tariffs, replacing a temporary 10% rate, also threaten further penalties for transshipped goods and preemptively warn Tokyo and Seoul against retaliating. Markets reacted swiftly, with all major U.S. indexes dropping, while allies and investors brace for what could become a broader trade war.

2. At the BRICS summit in Rio, President Trump escalated trade tensions by threatening an additional 10% tariff on any country that aligns with what he called the bloc’s “Anti-American” policies, though he gave no specifics on what that means. His comments came after BRICS leaders issued a joint statement condemning unilateral tariff hikes like those Trump has recently imposed. The U.S. has already set Aug. 1 as the date when sweeping new tariffs—initially paused for 90 days—will take effect for countries that haven’t secured deals with Washington. Trump’s move signals growing economic nationalism and casts further uncertainty over global trade.

3. Jack Dorsey has launched Bitchat, a peer-to-peer messaging app that operates entirely over Bluetooth mesh networks, enabling encrypted, ephemeral communication without internet, accounts, or servers. Now live in beta via TestFlight, the app connects nearby devices directly and can relay messages across wider distances via “bridge” phones. Dorsey, who’s long advocated for decentralized, censorship-resistant tech, designed Bitchat to function even during internet blackouts or surveillance, similar to tools used in the Hong Kong protests. Future updates will add WiFi Direct to boost range, pushing further into off-grid, privacy-first messaging.

   Headlines

   1. CoreWeave is acquiring Core Scientific in an all-stock deal valued at $ 9 billion.

   2. Representative Mark Green has retired, narrowing the Republican majority in the House to 219-212.

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