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Good morning, CFOs. President Trump rolls out new tariff deadline; Mercedes-Benz vehicle sales hit by U.S. tariffs; plus, pressure mounts on health insurers as costs continue to rise.
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President Trump posted letters on new tariffs to the leaders of Japan, South Korea, Malaysia and others by Monday afternoon. PHOTO: MARIO TAMA/GETTY IMAGES
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President Trump reignited his global trade war Monday, renewing his threat to hit partners with punishing tariffs even as he announced a three-week extension to negotiate deals.
Trump signed an executive order extending the date when his so-called reciprocal tariffs would take effect, with a pause previously scheduled to expire at 12:01 a.m. Wednesday. Additionally, Trump sent letters to a handful of nations outlining tariff rates they would pay if they didn’t strike trade deals with the U.S. by Aug. 1.
“If you want to play ball, you have to…This is what you have to pay,” Trump said during a Monday night meeting with Israeli Prime Minister Benjamin Netanyahu. “As far as I’m concerned, we’re done…we’re sending out letters to various countries telling them how much tariffs they have to pay.”
Trump, on his Truth Social platform, posted letters to the leaders of Japan, South Korea, Malaysia and others by Monday afternoon, informing them of the Aug. 1 date.
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“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”
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—President Trump with a threat that the U.S. would impose higher charges on imports from countries that follow the "anti-American policies" of major emerging economies including Brazil, China and Russia.
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📈 Economic Indicators
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.
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What Else Matters to CFOs
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Mercedes said sales in the U.S. fell 12%. PHOTO: FOCKE STRANGMANN/GETTY IMAGES
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Mercedes-Benz car and van sales fell 9% to 547,100 vehicles in the second quarter as the effect of President Trump’s auto tariffs began to bite.
Trump imposed a 25% duty on imported cars and parts entering the U.S. in early April and Mercedes said it carefully calibrated deliveries to dealerships as part of its efforts to navigate the new global tariff policies, which affected sales in the U.S. and China in particular.
On top of tariffs, coming entry and core model transitions weighed on wholesale car deliveries, it said.
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Molina Healthcare became the latest health insurer to warn that higher medical costs will hit earnings this year, adding to Wall Street’s worries about an industry already facing the loss of millions of customers because of the newly passed Republican megabill.
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CoreWeave will acquire Core Scientific in an all-stock transaction valued at approximately $9 billion.
📰 Other headlines
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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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