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Trump Faces Crucial Week for Reaching Trade Deals
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Good morning, CFOs. Tariffs are scheduled to be reimposed Wednesday for many countries, although Trump officials signaled a new Aug. 1 deadline is possible; Conagra Brands, Delta Air Lines and Levi Strauss earnings ahead; plus, Oracle gives the U.S. government a discount.
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The Port of Los Angeles. PHOTO: MIKE BLAKE/REUTERS
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President Trump faces a crucial week for reaching trade deals before new tariffs are scheduled to hit dozens of countries starting Wednesday.
He has scored several big wins in the past two weeks, including signing his tax and domestic policy megabill and helping broker a cease-fire between Israel and Iran. U.S. job growth in June was steadier than economists had expected, signaling strength in the economy.
Trump will attempt to build on his momentum by tackling a series of trade agreements that have proven elusive ahead of his fast-approaching deadline. Among other sticking points, the president has refused to budge on his industry-specific tariffs, including those targeting foreign automobile manufacturers.
Trump said Thursday that he wants to start sending letters to countries to notify them of the new tariff rates on their exports to the U.S. after monthslong complex negotiations. “It’s just much easier. We have far more than 170 countries. And how many deals can you make? And you can take good deals, but they’re much more complicated,” Trump said about his letters. Trump later said new tariff rates would potentially range from 10% to 70%, with letters set to go out on Monday and payments due by Aug. 1.
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Tuesday
The NFIB releases its Small Business Optimism Index for June.
The Federal Reserve Bank of New York releases its Survey of Consumer Expectations for June.
Wednesday
The White House’s 90-day reciprocal tariff pause ends Wednesday. So far the U.S. has announced trade deals with the U.K. and Vietnam, as well a truce with China, giving more time for discussions.
The FOMC releases the minutes from its mid-June monetary-policy meeting.
Thursday
Earnings: Conagra Brands, Delta Air Lines and Levi Strauss
The Department of Labor reports initial jobless claims for the week ending July 5.
Friday
The Treasury Department releases the U.S. budget statement for June.
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What Else Matters to CFOs
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Oracle Chief Executive Safra Catz. PHOTO: JOE RAEDLE/GETTY IMAGES
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Oracle is cutting the cost of its database software and cloud-computing service for the federal government, making it the latest tech giant to offer the Trump administration a significant discount on its services.
The company is offering government agencies a 75% discount on its license-based software, including databases and analytics, as well as a “substantial” discount on its cloud service through the end of November, the General Services Administration said.
Oracle declined to specify how much of a discount it is giving the government on its cloud service. In software, customers can pay up front for a license that covers an extended period or purchase a subscription with recurring payments.
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Krispy Kreme, the Charlotte, N.C.-based doughnut maker, said its top finance executive, Jeremiah Ashukian, is leaving the company to pursue an opportunity with a private company, and Raphael Duvivier, who has served as president, international, since January, will succeed Ashukian as CFO on July 11. The departure of Ashukian, who joined Krispy Kreme as executive vice president and CFO in January 2023, comes on the heels of the Charlotte, N.C., company’s break-up with fast-food giant McDonald’s. Krispy Kreme also said David Skena, who has served as chief
growth officer since January, is leaving to pursue another opportunity.
—Colin Kellaher contributed to today’s Ledger.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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