July 31, 2025: US New Tariff Rates, Amazon Gloomy Outlook, Apple Beats, More

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Episode Transcript

Speaker 1 (00:02):
News when you want it with Bloomberg News Now, Dan Schwartzman,
President Trump signing an executive order that sets higher tear
frates on imports from several trading partners that have yet
to finalize trade frameworks. Trump also is keeping the minimum
reciprocal rate at ten percent. Most of the tariffs will
take effect after midnight on August seventh, to allow time

(00:22):
for US Customs and Border Protection to make necessary changes
to collect the levies. Here's George Schultz, managing member at
Schultz Asset Management.

Speaker 2 (00:30):
Well, it's really a country by a country impact that
you're seeing here, with some countries getting ten percent or
fifteen percent, and then it seems to me that those
countries that don't or haven't come to the table, they're
the ones that are getting these higher rates. And so
you know, for companies that import are export from those countries,
it'll be, you know, kind of a mixed bag. And

(00:51):
how to deal with the new tariffs.

Speaker 1 (00:53):
That was George Schultz, managing member at Schultz Asset Management. Meanwhile,
it appears that the US and Canada have not reached
a trade agreement, the White House saying the Tariffreida in
Canada has now been increased from twenty five to thirty
five percent. Amazon's big bet on AI infrastructure is raising
investor concerns. The company's third quarter profit forecast came in
below expectations, despite revenue projections that exceeded estimates. Operating income

(01:17):
is expected to hit about twenty and a half billion dollars,
while analysts had hoped for more reaction from Punam Goyel
of Bloomberg Intelligence.

Speaker 3 (01:24):
AI is a big deal in e commerce, and Amazon's
been investing a lot to improve the customer experience. It
starts with search, right when you go to Amazon and
you're searching something, They've just improved it. And they've also
launched Rufest, which is their AI or your personal assistant,
So that's really been helping shoppers and just figure out
what they want to buy.

Speaker 1 (01:45):
That's Punam Goyel there of Bloomberg Intelligence. Amazon CEO Andy
Jase is navigating high AI infrastructure costs, a competitive cloud market,
and internal restructuring, Shares of Amazon falling as much as
seven percent in late trading. Apple topping walls expectations in
the third quarter, posting ninety four billion dollars in revenue
that's up nearly ten percent from a year earlier. Strong

(02:07):
iPhone sales and a rebound in China helping beat the
eighty nine point three billion dollar estimate despite a projected
tariff hit. We get reaction from Daniel Flax, managing director
at Newburger Berman.

Speaker 4 (02:17):
Clearly, the iPhone remains critical to the business and that franchise,
in my view, remains durable. I think the service's business
remains healthy. And so when you pull all of this together,
you have a company that's been successfully empowering others to
innovate on top.

Speaker 1 (02:33):
Of its platform.

Speaker 4 (02:34):
I think you'll see more and more of that with
Apple Intelligence over the next several months and into next year.

Speaker 1 (02:39):
That's Daniel Flax of Newburger Berman shares rising more than
three percent and after ours trading, helping these concerns about
Apple's recent struggles with AI and global demands. After a
tough year at the stockdown seventeen percent, Today's results market
a potential turning point for Apple heading into the next quarter.
The nation's two biggest energy giants reporting second quarter earnings
ahead of the opening bell on Friday. Bloomberg's Tom Busby

(03:01):
has a preview. Investors at ex On Mobile eager to
hear about the company's progress and developing a massive oil
field in Guyana, also the latest shale production plans in
the Permian Basin. Bloomberg Consensus calls for revenue of eighty
point three nine billion dollars and adjusted earnings per share
of a dollar fifty six. Chevron investors want to hear
about the company's long delayed but now completed acquisition of

(03:23):
Hess and how that'll impact its share buyback plans. Bloomberg
Consensus calls for revenue of forty six point seventy five
billion on adjusted earnings per share of a dollar seventy one.
Tom buzzby Bloomberg Radio. Figma share surging more than two
hundred and fifty percent after the design software maker and
some of its shareholders raised one point two billion dollars
in an IPO. The company's trading value is now far

(03:46):
above the twenty billion dollar mark it would have reached
in a now scrap merger with Adobe. We heard earlier
from Figma CEO Dylan Field.

Speaker 2 (03:54):
What we really wanted to do is involve the design
community in this experience today that we're having, because I
think it's not just that Figma's going public today.

Speaker 1 (04:04):
Design is going public today. That's Figma CEO Dylan Field. Shares,
the San Francisco based firm trading at more than three
times their IPO price, with thirty three dollars apiece before
they were halted for volatility. The shares are marketed for
thirty to thirty two dollars per share after the company
increased the range earlier in the week. Meantime, sources tell
Bloomberg that buy now, pay later platform Klarna is considering

(04:27):
its own IPO as soon as September. President Trump's Middle
East ENVOYE. Steve Wickcoff and Ambassador at Digital Mike Huckabee
will enter Gaza on Friday to inspect aid distribution and
meet with residents of the war racked territory. Here's Press
Secretary Caroline Levitt.

Speaker 5 (04:42):
Special Envoy Witcoff and Ambassador Huckabee had a very productive
meeting with Prime Minister net and Yahoo and other officials
today in Israel on the topic of delivering much needed
food and aid to Gaza.

Speaker 1 (04:53):
That was White House Press Secretary Caroline Levitt. And that's
news when you want it with Bloomberg News Now, Dan Schwartz,
and in this is Bloomberg