Welcome back. And joining me now is Republican Senator John Baraso of Wyoming. Senator Baraso, welcome back to Meet the Press.Good to be with you. Thank you. It's wonderful to have you back.Let's start with President Trump's escalating trade war this week announcing uh that he may impose tariffs of up to 35% against Canada. Worth noting in your home state of Wyoming, more than half of imports come from Canada. Canada supports about 13,000 jobs in Wyoming.Are President Trump's tariffs going to hurt Wyoming. ...

Group 1 - The term "Tariff" has become significant in the context of President Trump's trade war, particularly affecting the automotive industry [1] - Ford, despite being a well-known American brand, faces challenges due to the uncertain macroeconomic environment influenced by trade policies [1] Group 2 - The article emphasizes the importance of understanding macro drivers that impact various asset classes, including stocks and commodities [1]

Tariff Uncertainty & Deadlines - The market faces uncertainty regarding President Trump's tariff threats, with August 1st as a key deadline [1][2][4][15] - Negotiations are crucial; positive outcomes could lead to further exemptions, while failures may trigger tariff increases [2][3][15] - Clients are advised to closely monitor the news cycle for updates on negotiations [2] Political & Policy Considerations - Tariffs on Brazil are more of a political issue related to President Trump's views on former President Bolsonaro [3][4][6] - The US-Brazil relationship is unique due to this political dimension [4] - President Trump's use of the International Emergency Economic Powers Act (IEEPA) to implement tariffs is facing legal challenges [6][7] Implementation & Market Impact - Markets are largely pricing in the new round of tariffs as status quo [8] - The President aims to avoid tariffs that harm US consumers [9][10][11] - USMCA goods from Canada are not impacted by the additional 10% tariff, limiting the impact on US consumers [10] - Rising prices at grocery stores and major retailers could prompt President Trump to reconsider tariffs [11][12] Legal Challenges & Timelines - Court proceedings challenging the tariffs are ongoing, but courts move slowly [12][13] - The Supreme Court could potentially hear the case later this year [14] - Market participants desire immediate certainty, which the courts cannot provide [14][15]

Trade War & Tariffs - The US president is reigniting a trade war with Canada, threatening a 35% tariff on goods if a deal isn't struck by August 1 [1][2] - The president is also making trade moves against Brazil, potentially leading to further negotiations before August 1 [3] - The average American could pay $2,400 more per year if the tariffs remain in place [5] - The current average tariff imposed by the US is 15-16%, the highest since 1936 [6] - The imposition of tariffs may lead to price increases in the fall, particularly for auto dealers [7] Fentanyl & Border Security - Of the 22,000 pounds of fentanyl that crossed the American border, only 43 pounds came from Canada [4] - The president is making false claims about the amount of fentanyl flowing from the northern border [2] Trade Agreement Progress - The president promised 90 deals in 90 days, but only two framework agreements and one tariff pause with China have materialized [9] - There is a lack of clarity regarding the rationale for tariffs, whether it's to raise revenue, reduce the deficit, or level the playing field [10] Economic Impact & Market Reaction - The tariffs haven't significantly impacted inflation yet, possibly due to businesses using pre-tariff inventories [7] - Wall Street seems to believe the president will eventually back away from the tariffs [11] - Even if the president backs away, baseline tariffs could remain 10%, almost five times higher than the previous administration [11]

Market Trends & Trade - President Trump is escalating the trade war, imposing a 35% tariff on all imports from Canada starting August 1st, a rise from the existing 25% tariff on US imports from Canada [1] - The US is expecting a formalization of June tariff revenue, anticipated to be well north of $25 billion [1] - Discussions are ongoing regarding which specific goods will be subject to tariffs on Canada, with expectations that USMCA goods, oil, and fertilizer may be excluded from the 35% rate, but no final decisions have been made [1][2] Cryptocurrency Market - Bitcoin is rallying, eyeing $120,000 per token after exceeding $118,000, fueled by inflows into Bitcoin-backed ETFs, corporate buying, and a friendly regulatory framework [1][2] - Year-to-date, Bitcoin is up 26%, with crypto-related stocks like Coinbase and Robinhood at all-time highs [2] Stock Market & Company Performance - US stock futures are falling, with Dow futures off almost 300 basis points, S&P futures down about 06%, and NASDAQ lower about 05%, following record highs for both NASDAQ and the S&P 500 [1] - Levi Strauss raised its revenue forecast, anticipating sales growth to outweigh the effects of President Trump's tariffs [1] - Nvidia became the first company to close above the $4 trillion market cap threshold [1][2] - Analysts have raised year-end targets for the S&P 500, with Wells Fargo predicting over 7,000, RBC Capital Markets at 6,700, and Goldman Sachs at 6,600, driven by receding tariff concerns and bullishness on Wall Street [7] - The S&P 500 is up around 7% year-to-date, trading around the 6300 mark [10] Federal Reserve & Interest Rates - A Fed governor is voicing support for rate cuts sooner, potentially as early as the next policy meeting, due to a belief that tariffs will not have a major impact on inflation [2] - The market is pricing in a 30% odds of no rate cut at the September meeting [16] Company Specific News - Boeing investors are awaiting details from a preliminary report on an Air India flight crash, with initial investigations focusing on the pilot's actions [3] - Wedbush raised its rating on AMC to outperform, expecting the movie theater chain to benefit from more consistent releases [3] - US Foods is reportedly exploring an acquisition of Performance Food Group, potentially creating a company with $100 billion in total sales [4][5]

Market Sentiment - Money managers such as Aberdeen and Franklin Templeton remain optimistic about Brazil's economic resilience [1] - The bullish outlook persists despite Brazil becoming a focal point in Donald Trump's trade war [1]

Investment Trends - Canadians are avoiding US products due to the trade war [1] - There's evidence Canadians want fewer US stocks in retirement accounts and pension funds [1]

Trump warned of raising the tariff on some Canadian goods, suggesting he's intent on ratcheting up rather than scaling back his trade war: Here is your Evening Briefing https://t.co/5RcuVwh0td ...

Core Viewpoint - Alibaba's stock has shown a nearly 50% increase over the past year, but it remains 65% below its all-time high from October 2020, indicating potential for future growth despite challenges [1][2]. Financial Performance - In fiscal 2022, Alibaba's revenue grew by 19%, but growth slowed to 2% in fiscal 2023, 8% in fiscal 2024, and is projected at 6% for fiscal 2025, primarily due to regulatory and macroeconomic challenges [2][4][5]. - Analysts expect Alibaba's revenue to rise by 7% in fiscal 2026 and by 8% in fiscal 2027, with adjusted EPS growth projected at 8% and 14% respectively [10]. Challenges Faced - Alibaba faced significant regulatory challenges, including fines and restrictions from China's antitrust regulators, which limited its competitive strategies [4]. - The Chinese economy's slowdown, exacerbated by "zero-COVID" policies and a weak real estate market, negatively impacted consumer spending and cloud customer expenditures [5]. - Leadership changes, including the departure of CEO Daniel Zhang in 2023, raised concerns about the company's growth trajectory [6]. Business Stabilization - Despite challenges, Alibaba's retail business saw growth in overseas markets, which helped offset weaker performance in its domestic marketplaces [7]. - The company implemented cost-cutting measures, share buybacks, and increased revenue from higher-margin cloud and AI businesses, leading to improved earnings per share [8]. Future Outlook - Alibaba's stock trades at 11 times its forward adjusted earnings, with potential for a higher valuation if trade tensions ease, possibly rising to about $167 by fiscal 2027 [12]. - The company may integrate its various business units more closely, enhancing its competitive position against less diversified rivals [11].

Watch markets react after President Donald Trump announced that the United States would apply a 35% tariff to all imports from Canada beginning next month, reviving tensions with a major trade partner that had largely dissipated in recent weeks. For more context and news coverage of the most important stories of our day click here: https://www.msnbc.com/ » Subscribe to MSNBC: https://www.youtube.com/msnbc » Subscribe to MSNBC on TikTok https://www.tiktok.com/@msnbc » Subscribe to MSNBC on Instagram https:// ...