Trump is not done with Putin

The president gave a phone interview to the BBC late last night—literally rousing a BBC reporter from bed—in which Trump said he was not yet “done” with Russia’s Vladimir Putin, but reiterated that he feels the Russian leader has misled him. "I'm disappointed in him, but I'm not done with him. But I'm disappointed in him," Trump said. "We'll have a great conversation. I'll say: 'That's good, I'll think we're close to getting it done,' and then he'll knock down a building in Kyiv." Earlier, Trump gave Putin 50 days to end the war or face 100% tariffs.

Trump: “I trust almost nobody”

Arguably the most remarkable part of the BBC’s Trump interview is where reporter Gary O'Donoghue asks Trump if he trusts Putin and the president replies, “I trust almost nobody … to be honest with you.” The long pause between those two phrases seemingly speaks volumes.

If the Fed’s Powell is fired, expect “collapse”

Deutsche Bank published a note discussing possible market reactions if Trump succeeds in removing Jerome Powell from the U.S. Federal Reserve. “We believe the market reaction would be large,” the note says. “The empirical and academic evidence on the impact of a loss of central bank independence is fairly clear: In extreme cases, both the currency and the bond market can collapse as inflation expectations move higher, real yields drop and broader risk premia increase on the back of institutional erosion.” Trump is trying to use an arcane allegation about whether the Fed is following local rules in the refurbishment of its HQ as a reason to defenestrate Powell.

Apple will launch a foldable phone, UBS says

iPhone Fold could be priced between $1,800 to $2,400, potentially making it Apple’s most expensive phone to date.

What Q2 earnings could say about tariffs

Some of the biggest banks and companies in the U.S.–from JPMorgan to Netflix– are expected to report quarterly earnings this week. Here’s how they could serve as an indication of who is actually bearing the burden of tariffs.

Musk believes BYD is winning the EV race

The FT has a longread on how the Chinese manufacturer is now on the verge of surpassing Tesla.

Nvidia will resume sales in China

“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said. The restart came after CEO Jensen Huang personally made the case to President Trump.

Kenvue CEO resigns

Kenvue CEO Thibaut Mongon resigned suddenly on Monday, with board director Kirk Perry taking his place in the interim. Mongon’s departure from the parent company of brands like Tylenol and Band-Aid comes as activist investors demand stronger growth from the Fortune 500 company.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.  

New RTO mandate at Starbucks

Starbucks CEO Brian Niccol announced a new policy on Monday requiring that corporate employees work in-person at least four days a week and corporate “people leaders” to move to office locations in Seattle or Toronto within a year. “We are reestablishing our in-office culture because we do our best work when we’re together,” Niccol wrote in a letter to employees.

S&P 500 futures rose 0.31% premarket and the underlying index rose 0.65% yesterday. Hong Kong’s Hang Seng was up 1.6% this morning. Japan’s Nikkei 225 was up 0.55%. Stoxx Europe 600 added 0.3% in early trading. The UK’s FTSE 100 was flat in early trading but poised to break through the 9,000 level for the first time. Bitcoin sank 2.56% to $116K.

Deutsche Bank on Bitcoin: “While volatility remains inherent, … Bitcoin's integration into portfolios is maturing, and potentially signals a more sustainable trend beyond previous instances of short-term market speculation,” per Marion Laboure and Camilla Siazon.

Pantheon Macroeconomics on the U.S. economy: “The economy will slow further in the second half, with annualized growth in GDP likely to average about 1%, down from around 11/2% in the first half. Households’ real after-tax incomes will stagnate, while elevated economic policy uncertainty will weigh on investment and exports … So we expect a prolonged Fed easing cycle, with rates falling by 75bp in H2 and a further 75bp in 2026,” per Samuel Tombs and Oliver Allen.

Motley Fool Asset Management on copper tariffs: “The new copper tariffs are purported to help the competitiveness of American participants in the sector but will do no such thing. There are only 2 smelters in the country, and it will take 5+ years to add another. The cost to build will be $6 billion per million tons of capacity, and the global smelter space is oversupplied and has awful economics,” per Bill Mann.