Good morning. Here's what happened overnight and what you need to know today.
1.
Soviet sanctions: US President Donald Trump imposed an additional 25% tariff on Indian goods over the country’s purchasing of Russian energy, after talks between Washington and Moscow on Wednesday failed to achieve a breakthrough. The new tariff will take effect within 21 days, according to an executive order signed by Trump, and will be imposed on top of a 25% country-specific tariff which is set to be implemented overnight. Trump said that the actions of the Russian government with respect to the situation in Ukraine continue to pose an “unusual and extraordinary threat” to US national security and foreign policy. The White House explained that India’s importation of Russian oil undermines US efforts to counter Russia’s harmful activities and India’s profitable reselling of Russian oil further enables the Russian Federation’s economy to fund its aggression. (White House executive order)(Capital Brief)
2.
Cooked commitment: Apple will announce a US manufacturing pledge of USD100 billion ($153.7 billion) on Wednesday, according to reports citing an unnamed White House official. The plan includes an “American Manufacturing Program” dedicated to bringing more of Apple’s supply chain and advanced manufacturing to the US. Apple CEO Tim Cook is expected to attend a White House event for the formal announcement Wednesday afternoon (Thursday morning AEST). The new commitment follows a USD500 billion pledge Apple made in February, which included AI servers near Houston, a manufacturing academy in Detroit, a new campus in California and Apple Silicon production in Phoenix. The investment will bring Apple’s total US investments in 2025 to USD600 billion. The tech giant is facing escalating costs from Trump’s trade policies, with tariffs costing Apple USD800 million in the June quarter and expected to add about USD1.1 billion in the September quarter. Apple shares rose 5.1%. (Capital Brief)(Axios)(Reuters)(Bloomberg)
