New tariffs on the EU and MexicoOn Saturday, President Trump imposed 30% tariffs on its two largest trade partners, Europe and Mexico.
CNBC notes that the markets were closed that day. The EU is still formulating a response.
Why is tariff-fueled inflation failing to show up?Economists have for months warned that tariffs would cause an inflation surge, but as of July, there’s little evidence of that in economic data, despite about $100 billion in tariffs already collected by the Treasury.
Fortune asked economists to explain why. The possible reasons range from “it’s too soon” to “consumers won’t stand for it.”
Trump could fire Fed’s Powell, NEC director saysNational Economic Council director Kevin Hassett
left the door open to the forced removal of U.S. Federal Reserve Chairman Jerome Powell, in remarks to ABC on Sunday. A decision will be made after Powell responds to the July 10 letter sent to him by Office of Management and Budget head Ross Vought, which accuses Powell of letting renovations of the Fed’s HQ get out of control. "I think whether the president decides to push down that road or not is going to depend a lot on the answers that we get to the questions that Russ Vought sent to the Fed," Hassett said. The Vought letter gives Powell seven business days to respond.
Google’s Chrome may be vulnerable to AI browser competition AI startups are breaking into the web browser business, posing a threat to one of Google’s biggest businesses. Perplexity, which launched its own AI-enabled web browser this week, Comet, is leading the charge.
Experts say Google’s relative slowness on AI has left an opening that could give AI startups a chance of grabbing market share.
Get ready for the price of coffee to go upTrump’s 50% tax on imports from Brazil is likely to hit the price of coffee in the U.S. About
30% of all coffee drunk in America comes from Brazil. In May, coffee was $7.93 per pound, up from $5.99 the year before,
the NYT reports.
Trump appears to be serious about arming UkraineThe president said he would send Patriot missiles to Ukraine, and he appears to have moved dramatically away from Putin. “I haven’t agreed on the number [of missiles] yet, but they are going to have some, because they do need protection,” Trump said on Sunday. “But we will send … we will send them Patriots, which they desperately need, because Putin really surprised a lot of people. He talks nice and then he bombs everybody in the evening.” Some of the arms may include long-range missiles capable of reaching deep into Russia,
Axios reports.
Apple’s Tim Cook in the age of AIApple has fallen behind significantly in the race to develop and roll out AI products and services.
Fortune’s Geoff Colvin
analyzed how that lag puts a mark on CEO Tim Cook’s otherwise successful legacy.
Benioff on AI vs humansSalesforce CEO Marc Benioff wrote in an op-ed for the
Financial Times last week that
adopting AI has led to a pause in engineer hiring and led to a significant amount of employee redeployment in Q1. AI agents now handle 85% of customer service queries and developed 25% of net new R&D code in the quarter, Benioff said.
Trade expert blasts “unreliable” tariffsTrade expert Kristen Hopewell
told Fortune that President Donald Trump’s “unreliable” trade strategy means “any deal you strike with the administration is not worth the paper it’s written on.” According to Hopewell, “he can simply come back later demanding more.”