00:00Let's see what impact all of this is having on the markets with Susanna Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown.
00:08Great to see you again, Susanna. The tariff story seems to keep changing, that deadline becoming a bit of a movable feast.
00:18And we know how the markets hate uncertainty. How clear are investors on tariffs?
00:24Not very clear at all. Of course, as you say, the deadline appears to have moved because, of course, we were waiting for this Wednesday when this pause on the so-called reciprocal tariffs was due to end.
00:37But now we're hearing that actually, even if these tariffs are brought in and we understand that letters are being sent out to various nations across the world about what they should expect, those tariffs will not actually be implemented until August the 1st.
00:54So the markets are kind of taking this as though there is plenty more room for negotiation.
01:00And so even though you've had this more of a subdued sentiment on markets today, we're not really seeing a kind of distressed situation.
01:10Nowhere near the kind of trepidation we saw in the run-up to Liberation Day, of course, in April.
01:18But one drag that we are seeing on Wall Street is Tesla, as that beef continues between Elon Musk and Donald Trump.
01:26What's your take on that?
01:28So I think this is really a reaction to Musk's plan to potentially launch a new political party in the United States, the America Party.
01:38And I think investors are a bit, oh, not again, not another about a turbulence and potential distraction for Elon Musk.
01:47Because, of course, as he headed up the Doge department in the White House, Tesla's problems appeared to pile up.
01:54And there was a kind of real sense that he wasn't really taking control at the company.
01:58When he left that position, it helped lift Tesla's stock a little bit.
02:02But now it seems that they're thinking we might be back to square one with a distracted founder and CEO.
02:10And really, there are issues that Tesla still needs to address, perhaps really accelerating all of this autonomous driving,
02:19which is seen as absolutely central for Tesla's success in the future.
02:24And also, of course, we've got the ongoing battle with trying to increase EV sales around the world,
02:31because, of course, there has been a backlash as well against Tesla due to Elon Musk's involvement in the White House.
02:37So plenty more drama with Tesla and with the White House, certainly.
02:44Suzanne, let's zone in on chip stocks, because NVIDIA was heading for that stock market milestone.
02:49Do you think investor anxiety over trade is affecting that?
02:56A little bit. It's a little bit weaker today.
02:58But let's remember, it's really bounced back very strongly,
03:01even though there are these restrictions on NVIDIA sales to China for security reasons.
03:08And, of course, there will be some concern that there could be more trouble ahead in terms of export restrictions.
03:14But it's not significantly weighing on the stock.
03:16Really, NVIDIA is seen as the big AI play, and certainly with demand for its products,
03:24which is seen as the backbone for the AI revolution, really continuing.
03:28It hasn't been a dramatic fall at all, but very small, a little bit of trade turbulence.
03:34But certainly, it's still hanging around those record highs.
03:38And, of course, in Europe, it's all about the data.
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