President Trump on Saturday posted letters threatening the European Union and Mexico with 30% tariffs as of August 1.
Why it matters: Trump has reverted to the fully aggressive trade posture he took in early April, with a stable economy at his back and financial markets showing no signs of stopping him.
Kraft Heinz is reportedly planninga breakup, preparing to split off many of its food products from its faster-growing condiments, sauces, dressings and spreads, WSJ reports.
📉 The food giant, formed through the merger of Kraft Foods and H.J. Heinz, has seen $57 billion in market value wiped off since finalizing that deal a decade ago.
Its market cap today is less than $32 billion.
Catch up quick: The company said back in May that it was evaluating potential strategic transactions, a process it said had already been going on for months.
At the same time, Berkshire Hathaway — its largest shareholder — said it was giving up its two spots on Kraft Heinz's board.
Goldman Sachs' newest software engineer is named Devin, and it's an AI program.
🤖 The firm has been testing Devin and soon plans to add it to its 12,000-strong team of warm-blooded developers, Goldman tech chief Marco Argenti told CNBC.
Between the lines: Argenti told CNBC that Devin will help developers with annoying tasks like updating internal code.
"Initially, we will have hundreds of Devins [and] that might go into the thousands, depending on the use cases," he said.
Zoom in: Devin was created by Cognition, an AI startup backed by Peter Thiel and Joe Lonsdale.
It's an agentic AI, or a system designed to act autonomously. According to Nvidia, that means a system that uses "sophisticated reasoning and iterative planning to autonomously solve complex, multi-step problems."
What we're watching: Goldman is the first major bank to use Devin, according to Cognition.
The world is coming to terms with the new Trump-era reality: Everything is trade.
Why it matters: President Trump is threatening tariff hikes in the weeks ahead, with some of the most aggressive aimed at Canada and Brazil, over issues that have nothing to do with trade.
A week that was supposed to end tariff uncertainty instead marked a new front in Trump's trade war, with planned escalations all around the world and on key sectors, including copper.
In the Trump administration's war with Federal Reserve chair Jerome Powell, there is a new front — ostensibly about beehives and rooftop gardens, but really a fight for control of the U.S. central bank.
Why it matters: The White House and allies in Congress appear to be using the Fed's over-budget $2.5 billion headquarters renovation to build a case for removing Powell for cause before his term ends next spring.
It's part of an all-out assault on Powell that has expanded in recent weeks as the president has become enraged that the Fed isn't cutting rates.
All-time highs beget all-time highs. That's the takeaway from BNY Wealth's chart of the week.
Why it matters: The S&P 500 just notched yet another record high for 2025. For those afraid of buying the highs, it turns out, buying into rallies can be just as lucrative, if not more, than buying at any other time period.
Jamie Dimon is warning about "complacency in the market," as stocks near all-time highs while headwinds like tariffs and interest rates keep roaring.
Why it matters: Cracks are appearing in Wall Street's bullishness, with money managers telling Axios they agree with Dimon's sentiment: The market is ignoring red flags and mispricing risks of a slowdown.
President Trump is celebrating the new record in the market with additional tariffs on Canada.
Part of his excitement may stem from what the rally allows him to do, which is whatever he wants on tariff policy.
Why it matters: In April, an intraday bear market coupled with bond market "yips" pushed Trump to slow his roll on tariff policy. Without that reaction function, Trump won't have much friction to reign in his policy proposals.
President Trump's criminal trials are behind him, but he's now crying "witch hunt" on behalf of ideological allies overseas.
Why it matters: Trump imposed 50% tariffs on Brazil — set to go into effect Aug. 1 — in part because of the prosecution of former President Jair Bolsonaro for his efforts to overturn his loss in 2022, charges that mirror those Trump himself faced. That's an extraordinary intervention in a friendly country's political and judicial processes, with tens of billions in trade at stake.
President Trump announced Thursday plans for a 35% tariff on goods imported from Canada that would take effect on Aug. 1.
Why it matters: The latest twist in the off-on trade war with Canada comes after the key trading partner rescinded its digital services tax to advance broader trade negotiations with the U.S. as it works toward an economic deal ahead of a July 21 deadline.
