US Treasury Secretary Scott Bessent (L) and US Commerce Consultant Jamieson Greer handle a press convention in Rosenbad after the commerce talks between the US and China concluded, in Stockholm, Sweden on July 29, 2025.
Magnus Lejhall | Afp | Getty Photos
The much-anticipated U.S.-China commerce talks in Sweden turned out to be a letdown after they concluded Tuesday with no commerce truce extension.
Why? Any choice must be signed off by President Donald Trump, Treasury Secretary Scott Bessent advised CNBC.
Whereas Bessent advised Trump on a name that the assembly with China was “excellent,” U.S. tariffs on Chinese language items will “boomerang” again as much as their April ranges if an extension isn’t reached by the Aug. 12 deadline, the Treasury Secretary advised reporters Tuesday.
The commerce groups will seemingly meet once more in one other 90 days, Bessent added.
Investor sentiment took a success, with blended company earnings and forecasts compounding the gloom and sending markets decrease after latest good points.
There have been some vibrant spots: Boeing narrowed its quarterly losses and Starbucks’ CEO Brian Niccol stated the corporate was displaying indicators of a turnaround, regardless of reporting its sixth straight quarter of same-store gross sales declines.
However warnings additionally emerged. UPS, typically seen as a proxy for broader U.S. client exercise, withheld ahead steerage on income and working revenue, citing ongoing macroeconomic uncertainty.
All eyes now flip to the Federal Reserve, which concludes its coverage assembly Wednesday. Different key financial information are additionally on deck this week, together with a studying of gross home product and personal payroll information due out Wednesday.
— Nur Hikmah Md Ali
What it’s good to know right this moment
U.S.-China tariff truce extension in limbo. Treasury Secretary Scott Bessent stated Tuesday that Trump must log out on any deal after the 2 nations concluded commerce talks in Sweden with no extension. However he advised CNBC that the assembly was “far-reaching, far-reaching, strong and extremely passable.”
Markets fall on stalled commerce talks. On Tuesday, the S&P 500 and Nasdaq Composite closed decrease, retreating from their contemporary document highs on the opening bell. Europe Stoxx 600 was up 0.29%.
Firms sound the alarm after blended earnings. Boeing and Procter & Gamble reported earnings beats, however others missed expectations like Spotify, which posted weak steerage, whereas transport big and U.S. client bellwether UPS slashed its dividend.
Starbucks reviews sixth straight quarter of same-store gross sales declines. However CEO Brian Niccol stated in a prerecorded video printed with the earnings report that the numbers “do not but replicate all of the progress we have made,” and their comeback is “gaining momentum.” Shares of the corporate climbed over 4% after hours.
[PRO] Apple is prone to launch foldable iPhone in September 2026, predicts JPMorgan. Analyst Samik Chatterjee shared an estimated value for the brand new design, the income alternatives it may convey for Apple, and named different corporations that may profit from the newest iPhone 17 sequence.
And eventually…
The Insurgent-Quad is the second-generation product from Rebellions and is made up of 4 Insurgent AI chips. Rebellions, a South Korean agency, is seeking to rival corporations like Nvidia in AI chips.
Rebellions
Samsung backs South Korean AI chip startup Rebellions forward of IPO
South Korean synthetic intelligence chip startup Rebellions has raised cash from tech big Samsung and is concentrating on a funding spherical of as much as $200 million forward of a public itemizing, Sungkyue Shin, chief monetary officer of the startup, advised CNBC on Tuesday. He declined to say how a lot the tech big poured in.
The present funding spherical is ongoing and Shin stated Rebellions is speaking to its present buyers in addition to buyers in Korea and globally to take part within the capital elevate. Rebellions has some large buyers, together with South Korean chip big SK Hynix, telecommunication companies SK Telecom and Korea Telecom, and Saudi Arabian oil big Aramco.
– Arjun Kharpal
