Tonight’s Highlights | Trump Launches New Trade Offensive

On Tuesday, markets gradually stabilized as investors assessed the latest trade offensive from U.S. President Donald Trump.  

On Monday, Trump notified 14 countries, including several Asian nations, of new tariffs ranging from 25% to 40%.  

 

However, Trump also suggested some flexibility in reaching agreements, extending the tariff “grace period” from July 9 to August 1.  

 

Despite Trump’s new trade war measures, many investors remain optimistic about the stock market’s outlook, believing the market has weathered the worst of the tariff impact and hoping the upcoming earnings season will drive the S&P 500 to new highs.  

 

Adam Parker, CEO of Trivariate Research, said: “If you look closely at the details, I’m not even sure anyone fully understands how today’s announcement differs from previous ones, whether these measures will actually be implemented, or which companies will be specifically affected.”  

 

Parker added: “I think this is just some market pullback near highs, rebalancing before the July earnings season. I don’t believe it signals the start of a new policy wave.”  

Company News  

BP and Libya’s National Oil Corporation Sign Agreement to Redevelop Giant Oilfields  

 

On July 8, BP announced it signed a memorandum of understanding with Libya’s National Oil Corporation (NOC) to jointly assess redevelopment opportunities for two giant oilfields (Sarir and Messla) in the Sirte Basin, as well as exploration potential in surrounding areas and the overall development prospects for Libya’s unconventional oil and gas resources.  

 

BP stated that the agreement provides a framework for evaluating technical data, enabling effective collaboration with NOC to conduct feasibility studies and inform future oilfield development and exploration plans.  

 

Sony Halts Xperia Smartphone Sales Due to Power Issues  

 

On July 8, Sony announced it has suspended shipments and retail sales of its latest Xperia 1 VII smartphone due to issues such as unexpected shutdowns, restarts, or failure to power on. Sony is investigating the cause of the power issues and has advised users to back up all critical data during this period.  

 

The SIM-free version of the smartphone, launched last month, retails at Sony’s official store for 204,600 yen (approximately $1,400).  

 

Last week, Japanese mobile carriers NTT Docomo and KDDI announced they would halt sales of the Xperia 1 VII. Sony has now paused sales in regions including Japan and Singapore.  

 

Epic Games Drops Antitrust Lawsuit Against Samsung Electronics  

 

On July 7, Epic Games’ founder and CEO Tim Sweeney announced that, following discussions, Epic Games will withdraw its lawsuit against Samsung Electronics, thanking Samsung for addressing Epic’s concerns.  

 

Samsung Electronics Acquires U.S. Healthcare Company Xealth  

 

On July 8, Samsung Electronics announced it has signed an agreement to acquire U.S. healthcare company Xealth, with the acquisition expected to close in 2025. Samsung anticipates the acquisition will combine its wearable technology with Xealth’s platform.  

 

Tata Motors Group’s Global Wholesale Sales Drop 9% in Q1  

 

On July 8, a statement revealed that Tata Motors Group’s global wholesale sales in the first quarter totaled 299,664 vehicles, down 9% year-over-year. Jaguar Land Rover’s global wholesale sales fell 11% to 87,286 vehicles.  

 

Faraday Future: FX Secures 4,100 Paid B2B Pre-Orders  

 

Faraday Future announced that its FX model has secured a total of 4,100 paid B2B pre-orders.