Wall Street Breakfast Podcast: Trump Signs New Tariff Order

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Trump issues revised tariff orders. (00:21) Reddit’s (RDDT) results topper, robust forecast drive shares higher. (01:49) Palantir (PLTR) lands enterprise deal worth up to $10B from U.S. Army. (02:58)

This is an abridged transcript.

President Trump on Thursday signed an executive order revising “reciprocal” tariffs on dozens of countries, setting new duty rates between 10% and 41%.

According to the White House, any goods deemed to be transshipped to evade these duties will incur an additional 40% tariff.

Syria faces the highest tariff at 41%. Switzerland and South Africa will see rates of 39% and 30%, respectively, while shipments from Taiwan will face a 20% tariff, lower than the 32% set earlier.

Trump also proceeded with his plan to raise tariffs on Canadian imports to 35% from 25%, effective August 1, 2025.

We have a detailed A-Z list of countries and territories with their respective reciprocal tariffs in this article in the show notes section of the show.

The revised tariff rates will take effect for goods “entered for consumption on or after 12:01 a.m. Eastern Daylight Time, seven days after the order’s issuance,” unless otherwise specified. That would make it August 7th.

Countries not included in the latest order will be subject to a 10% duty, according to the directive. The updated order revises tariffs set under the earlier executive order from April.

China faces an August 12 deadline to finalize a lasting tariff agreement with the Trump administration, following preliminary deals struck in May and June.

Reddit (NYSE:RDDT) is up 15% in premarket action.

The social media company provided a strong forecast and reported a double beat for its second-quarter earnings.

For the third quarter, Reddit expects revenue between $535M and $545M and adjusted EBITDA between $185M-$195M. These numbers surpass the Bloomberg consensus estimate of $472.7M for revenue and $159.5M for adj. EBITDA.

In Q2, Reddit saw daily active unique users rise 21% from last year to 110.4M, ahead of the 109.75M estimate.

Net income for the three months ended June 30 was $89M, compared with a loss of $10M a year ago.

On a per-share basis, the California company earned 45 cents, ahead of the average analyst estimate of 19 cents.

Total revenue surged nearly 78% to $500M beating the consensus estimate. Advertising revenue was up 84% at $465M; revenue from other sources was $35M, up 24%.

Palantir Technologies (NASDAQ:PLTR) has secured a major deal from the U.S. Army worth up to $10B over the next decade, which establishes a framework for the Army’s future software and data needs.

The new enterprise agreement consolidates 75 contracts (15 prime contracts and 60 related contracts) into a single one. It’ll enhance military readiness, drive operational efficiency, and deliver cost efficiencies.

The deal establishes volume-based discounts for the contract’s performance period of up to 10 years. The Army and other Department of Defense agencies have the option to buy Palantir’s (NASDAQ:PLTR) commercial products during that period, not to exceed the $10B cap.

The Washington Post reported, the award is one of the biggest DoD contracts ever, and is the largest ever awarded to Palantir (NASDAQ:PLTR).

What’s Trending on Seeking Alpha:

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Dow, S&P and Nasdaq futures are in the red. Crude oil is down 0.8% at $68/barrel. Bitcoin is down 0.5% at $115,000. Gold is up 0.1% at $3,294.

The FTSE 100 is down 0.5% and the DAX is down 1.7%.

The biggest movers for the day premarket: Figma (NYSE:FIG) +11% – Shares extended gains after a stunning NYSE debut on Thursday, where they soared 250%. The design software firm priced its IPO at $33 per share which is now worth $115.50.

On today’s economic calendar: