Trump

A Russian envoy proposed a Russia-U.S. undersea rail tunnel, dubbed the ‘Putin-Trump tunnel,’ potentially involving Elon Musk’s Boring Company. Trump expressed interest, while Zelenskyy was reportedly displeased. The project faces skepticism due to enormous engineering challenges in the Bering Strait’s harsh conditions and The Boring Company’s limited experience in such environments. Geopolitical concerns arise from Musk’s existing ties with Russia, including Tesla’s aluminum supply and reported discussions with Putin.

U.S. equities experienced volatile trading influenced by trade tensions and economic signals. Trump’s China trade threats, specifically regarding cooking oil, added market uncertainty. Despite this, positive earnings reports from major financial institutions and hints of a potential pause in the Federal Reserve’s tightening monetary policy offered some support. Oracle’s move to diversify AI chip suppliers, lessening reliance on Nvidia, signals a healthy competition. Chinese firms are increasingly choosing Hong Kong for IPOs amid stricter regulations elsewhere.

President Trump declared an end to the Israeli-Palestinian conflict. Markets reacted cautiously, buoyed by potential easing of US-China trade tensions and a resurgence in tech stocks (“TACO trade”). Quantum computing stocks surged after JPMorgan Chase’s $10 billion investment. Broadcom partnered with OpenAI, potentially impacting Nvidia. Furthermore, the U.S. provided Argentina a $20 billion currency swap to address liquidity concerns.

President Trump announced a potential 100% tariff on imported chips, sparking concerns about price increases. He clarified that the tariff exemption would apply to companies manufacturing in the USA. Apple CEO Tim Cook met with Trump, showcasing Apple’s increased US investment pledge to $600 billion, including a smart glass factory in Kentucky. The investment also supports Apple’s US supply chain. Trump reiterated his “Made in the USA” focus, preferring domestic production over Apple’s investments in India.

The U.S. imposed tariffs up to 39% on Swiss goods, a move considered a “catastrophic blow” by Swissmem. The tariffs, second highest after Syria, sent Swiss “concept stocks” tumbling, with Roche, UBS, and watch group shares declining. The U.S. is a key export market for Switzerland, and the country had anticipated lower tariffs similar to those with the EU. Experts predict a negative impact on Swiss GDP, the franc, and export-reliant companies. The tariffs are scheduled to take effect on August 7th, but adjustments are still possible.

Elon Musk has launched the “America Party” to challenge the US two-party system. This move follows his public break with Donald Trump, driven by disagreements over the “Big Beautiful Bill,” particularly its impact on EV subsidies and the national debt. Musk’s new party aims for Congressional seats in upcoming mid-term elections, facing significant hurdles in gaining ballot access and electoral viability. The venture risks retaliation against Tesla, with declining sales already a concern.

Michael Wolff claims President Trump told him he leaked the New York Times story about Elon Musk’s alleged drug use, even taking credit for it in conversations. Wolff states Trump frequently discussed Musk’s mental state and drug use. The White House vehemently denies Wolff’s allegations, labeling him a fabricator. Musk has denied using illicit drugs, admitting only to prior prescription ketamine use for depression. This comes amid escalating public friction between Trump and Musk.

President Trump has extended the potential deadline for a U.S. ban on TikTok to September 17, 2025, marking the third such extension. This follows a 2024 law mandating ByteDance divest TikTok or face a ban. ByteDance has stated it will not sell the app. Despite the ongoing legal uncertainties, TikTok’s global user base continues to grow, exceeding one billion monthly active users outside of China.

DTTM Operations, representing Donald Trump, has filed trademark applications for telecommunications services, including mobile phones and retail ventures, potentially expanding his business interests. This follows earlier filings signaling a move into the metaverse, suggesting a broader diversification strategy beyond his traditional real estate and hospitality focus. The applications encompass virtual goods, digital token exchange, and virtual training services.

Following Elon Musk and Donald Trump’s public disagreement, the fallout continues. The White House is reviewing SpaceX’s multi-billion dollar contracts with the Department of Defense and NASA. This includes assessing SpaceX’s role in missile defense systems. The government is preparing potential retaliatory measures, giving it options should the political situation worsen despite Musk’s retracted threat to retire SpaceX’s Dragon spacecraft.