United States: Wall Street falters as President Trump unleashes fresh waves of tariffs targeting global partners. From Canada to China, and even AI at Goldman, here’s what’s reshaping the economic landscape of the United States.
1. Weekend Drift: Markets Feel the Jitters
Friday’s dawn ushered in a murky forecast for Wall Street as futures slid downward. Investors, still absorbing President Donald Trump’s latest trade salvos, braced for impact. Just a day earlier, both the Nasdaq Composite and the S&P 500 basked in historic peaks, brushing off a tariff escalation aimed at imports from Brazil and copper commodities. Despite threats that could swell prices on goods like espresso beans, aircraft parts, and construction supplies, traders momentarily tuned out. But the tranquility didn’t last.
2. Canada in the Crosshairs: Trump’s New Trade Offensive
In a digital communiqué aired on Truth Social, President Trump unleashed a fresh 35% tariff threat on Canadian imports, set to ignite August 1st. His grievance? Ottawa’s retaliatory levies and lackluster cooperation on the Fentanyl crisis. Trump extended an olive branch — with thorns — suggesting that if Prime Minister Mark Carney joins the fentanyl fight, tariff terms might shift. Meanwhile, in an assertive broadcast with NBC’s Kristen Welker, Trump alluded to a sweeping tariff wall — 15% or 20% — aimed at nearly all remaining global exporters. “All of the countries will now pay,” he affirmed. The prevailing 10% rate looks poised to balloon, according to CNBC News.
3. Denim Defiance: Levi’s Battles Tariff Winds
Levi Strauss & Co. lifted its financial forecast, calmly bracing for turbulence. With only 1% of its goods hailing from China, Levi’s assumes a 30% tariff on Chinese wares and 10% on others. Yet CEO Michelle Gass remains unfazed. “Our engine is robust,” she remarked. By scaling back discounts and commanding premium tags for its trend-forward denim fits, Levi’s is holding ground. “The new designs — priced higher — are flying off the shelves. All these factors help us stay resilient under tariff squalls,” she said with composure.
4. Goldman Sachs’ Code Crusader: Devin Joins the Ranks
As per the reports by CNBC News, in a paradigm-shifting move, Goldman Sachs has recruited a digital intellect — Devin — into its tech brigade. Conceived by the AI incubator Cognition, Devin is no ordinary assistant. This autonomous coder has already been filmed handling multi-layered software tasks, hinting at a seismic shift in tech labor. “We’re trialing Devin within our 12,000-strong engineering team,” shared Marco Argenti, Goldman’s tech lead. “From hundreds now, the figure may multiply into the thousands based on where Devin proves its prowess.”
5. Central Bank Crossfire: Trump Allies Aim at Powell
Russell Vought, head of the Office of Management and Budget, ignited fresh tension between the White House and the Federal Reserve. In a sharp critique posted on X, Vought accused Fed Chairman Jerome Powell of severe mismanagement and misleading Congress over what he called flamboyant renovations at the Fed’s headquarters. Trump, for his part, has frequently pressured Powell to reduce interest rates — a demand unmet — and has even toyed with the notion of firing him altogether.
