Stock market information at the Nasdaq MarketSite in New York, US, on Wednesday, July 9, 2025. <\/p>\n
Bloomberg | Bloomberg | Getty Images<\/p>\n
Markets have still got that loving feeling despite U.S. tariffs coming into effect. On Thursday, President Donald Trump’s “reciprocal” tariffs hit dozens of countries, with those not named in the list subject to a 10% baseline levy.<\/p>\n
Thursday marked the culmination of quite a few deadlines the world has faced, as it rides the rollercoaster of Trump’s tariff strategy. And while this deadline has been enforced, the tariffs are not really set in stone. Negotiations, of course, will keep happening, and countries could see some reprieve.<\/p>\n
Remember, Trump walked back on “Liberation Day” tariffs a week after all the pomp and ceremony in the Rose Garden, and the July 9 deadline was pushed to Aug. 1, and then to Aug. 7. Steep tariffs announced on China have been on hold, with the deadline of Aug. 12 expected to be postponed.<\/p>\n
So, while these might be the highest tariffs the world has seen since the Smoot-Hawley Act in the 1930s \u2014 are they here to stay?<\/p>\n
Now, if you’d excuse me, the taco shop downstairs may be opening for business.<\/p>\n
\u2014 Lim Hui Jie<\/p>\n
What you need to know today<\/p>\n The full list of U.S. tariffs around the world. After months of threats, deals, and posts on Truth Social, dozens of key U.S. trading partners were hit Thursday with “reciprocal” tariffs on their exports to the country. The U.S. has said that besides the list of countries here<\/a>, all other exports to the U.S. will face a baseline 10% tariff rate.<\/p>\n Markets are mixed. The Dow Jones Industrial Average<\/a>\u00a0gave back gains and closed lower on Thursday as investors pocketed some of their profits in a volatile session. In contrast, the tech-heavy Nasdaq Composite<\/a>\u00a0advanced, and the S&P 500<\/a>\u00a0was down marginally. In Asia, gains were led by Japan’s Topix, which crossed the 3,000 threshold for the first time.<\/a><\/p>\n SoftBank at record high. Shares of\u00a0SoftBank Group<\/a>\u00a0surged over 13% Friday to hit a fresh record<\/a>, following the company’s higher-than-expected fiscal first-quarter profit. The stock extended gains to a fourth session, and was on course to clock its best day in five years.<\/p>\n OpenAI launches new GPT-5 model. OpenAI<\/a>\u00a0on Thursday announced GPT-5<\/a>, its latest and most advanced large-scale\u00a0artificial intelligence<\/a>\u00a0model. The company is making GPT-5 available to everyone, including its free users. OpenAI said the model is smarter, faster and “a lot more useful,” particularly across domains like writing, coding and health care.<\/p>\n [PRO] China trade talks benefit air freight
The uncertainty of the Trump Administration’s ongoing trade talks with China has fueled airfreight traffic<\/a> as traders try to get their goods into the U.S. before the Aug. 12 deadline.<\/p>\n