Key Points
Summary
President Donald Trump has implemented a sweeping array of tariffs on numerous countries, with U.S. Trade Representative Jamieson Greer confirming these rates are largely fixed due to existing deals and trade balances. Key tariffs include a 35% rate on Canada, 50% on Brazil, and a standardized 15% for many partners like the EU and South Korea, effective from various dates in August. Trump's strategy now categorizes countries into tiers, simplifying future negotiations, with over 40 nations at 15%, over 100 at 10%, and about 30 facing higher rates. Additionally, specific actions include a 90-day tariff reprieve for Mexico and ending exemptions for low-value imports. The tariffs have already impacted businesses, as seen with Warren Buffett's Berkshire Hathaway, which reported a 5.1% revenue drop in its consumer goods sector due to shipment delays, despite Buffett's support for free trade. Meanwhile, trade deals with South Korea and ongoing negotiations with China signal potential progress, though industries like footwear face pressure from the new policies. These moves reflect Trump's aggressive trade stance, influencing global markets and economic dynamics.
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In the ongoing US-China trade conflict, Beijing is leveraging the issue of high-end chip tracking to assert its position globally against the Trump administration’s surveillance plans. Chinese regulators recently summoned Nvidia staff over alleged security risks with its H20 chips, a move seen as a warning against future US tracking mandates rather than a direct critique of the chips themselves. Analysts suggest this action aims to caution domestic firms, alert the world, and pressure Nvidia to influence US policy. Nvidia has publicly rejected backdoors or tracking in its technology, citing security and trust concerns. Meanwhile, US officials are exploring chip-tracking methods, though a final deal with China on trade issues, including rare-earth magnets, remains pending. Despite tensions, both sides maintain a tariff truce, with Trump expressing optimism about a potential agreement. China’s resistance to surveillance in American chips may resonate globally, while domestic media and policies push for self-reliance in AI chip production, boosting local semiconductor firms. The situation underscores the delicate balance between technological competition and broader US-China relations, with potential implications for global tech supply chains and security standards.
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Advanced Micro Devices (AMD) released its Q2 earnings, reporting an adjusted EPS of $0.48, slightly below Wall Street's $0.49 expectation, but exceeding revenue forecasts with $7.6 billion compared to the anticipated $7.4 billion. AMD also issued a robust Q3 guidance of $8.4 billion to $9 billion, surpassing analysts' $8.3 billion estimate. However, the stock dropped over 4% post-earnings, despite a 44% year-to-date gain. The company faced challenges from a U.S. ban on AI chip sales to China, incurring an $800 million impact and a $155 million operating loss. On a positive note, AMD's Data Center segment met expectations at $3.2 billion, and its Client business outperformed with $3.6 billion in revenue against a $2.5 billion forecast. The upcoming launch of the MI350 AI chip line, designed to compete with Nvidia's offerings, and the reversal of the China sales ban by the Trump administration, are expected to bolster future performance. AMD's results come ahead of Nvidia's earnings report, with both companies navigating a competitive AI chip market and geopolitical challenges.
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XRP experienced a notable 4.2% decline during the 24-hour trading session ending at 02:00 on August 6, falling from $3.06 to $2.93. The price peaked at $3.08 before a sharp reversal, driven by a massive 169.41 million volume surge—over three times the average—pushing it down from $3.04 to $2.97. This established $3.04 as interim resistance and $2.93 as a local support floor. Bearish momentum persisted into the final hour with an additional 1% drop, sealed by a late 1.6 million volume burst, confirming intraday lows at $2.92. Technical analysis highlights rejection at $3.04, elevated volatility, and downside risk if $2.92 support fails, with potential further declines to $2.87 or $2.80. Traders are focused on reclaiming the $3.00 psychological level, defending $2.93, and watching for bullish divergence or broader market impacts from geopolitical tensions and trade instability. The current consolidation range sits narrowly between $2.96 and $2.97, reflecting ongoing uncertainty.
