How Canadian business owners are responding to Trump’s new tariffs
Canadian companies are responding to rising US tariffs and trade tensions.
U.S. stock futures have risen high after President Donald Trump said semiconductors face 100% tax unless companies are “built in the US.”
Carbate was a bailout for companies like Apple investing in the US. Apple said it plans to add $100 billion to US businesses and suppliers over the next four years, and will also announce an additional $500 billion investment in February.
Taiwan said TSMC is exempt from taxes, while South Korea said Samsung Electronics and SK Hynix tips are also not subject to 100% tariffs.
Comments will raise the total collection to 50% shortly after the previous announcement of an additional 25% tax on India. Trump said the additional tariffs were due to India continuing to buy Russian oil.
Other countries are now competing here to sign a contract with Trump at the August 7 deadline. Countries without trade are facing new tariffs.
At 6am, futures tied to the Blue Chip Dow rose 0.48%, while Broad S&P 500 futures added 0.69%, while high-tech Nasdaq futures rose 0.70%.
Investors also focus on the company’s revenue, which was largely positive. According to data provider LSEG, roughly 80% of the report exceeds analyst revenue expectations, surpassing the average of 76% over the past four quarters. Data also showed quarterly revenue growth was estimated at 12.1%, up from 5.8% in early July.
Corporate News
- Doordash’s second quarter results have surpassed analyst estimates.
- MetLife’s second quarter results fell due to less favorable underwriting and lower investment margins.
- Duolingo reported better than expected results for the second quarter, reporting that sales in the third quarter were steered by viewing the streetscape.
- Airbnb broke its second-quarter forecast and issued third-quarter sales guidance spanning analyst estimates. It also revealed margin pressure.
- Corning said it would expand its partnership with the company as part of its plans to lead its expanded partnership with Apple to ink and increase US manufacturing.
- Draftkings said it expects full year sales at the top edge of guidance.
- United Airlines has encountered technical issues that have grounded hundreds of flights and caused massive delays.
- Rideshare company Lyft has reported shy revenues in forecasts.
Cryptocurrency
Actelis Networks said the board has approved the cryptocurrency financial strategy to help diversify its balance sheet.
Medora Lee is a money, market and personal finance reporter for USA Today. You can contact her at mjlee@usatoday.com and subscribe to our free daily money newsletter for personal finance tips and business news every Monday to Friday morning.
