00:00Wall Street shares ended mixed on Tuesday, with steep losses in General Motors and a gain in Tesla
00:06as investors focus on recent and upcoming quarterly reports and watch for signs of progress in U.S. trade discussions.
00:15GM tumble after the automaker reported a $1 billion hit from tariffs to its quarterly results,
00:21adding more fuel to investors' concerns about U.S. President Donald Trump's global trade policy.
00:26Tesla climbed a day before its quarterly report, while Alphabet, also reporting on Wednesday, also rose.
00:34Optimism about heavy spending on artificial intelligence has underpinned a rally in Wall Street's most valuable companies,
00:41with the S&P 500 trading around record highs.
00:44The uncertainty that the on-again, off-again tariff policy announcements is really starting to affect prices
00:55and returns for different sectors of the market and different parts of the economy differently.
01:03I think that the likelihood is that the August 1st deadline gets pushed back yet again.
01:13Secretary of the Treasury, Scott Besant, has already announced that the August 12th deadline pertaining to China
01:20is going to be pushed back, and what that means is that we're going to be living with this uncertainty,
01:28in particular those sectors of the market where the tariffs really bite.
01:32We saw this with GM earnings recently, where they took a billion-dollar hit on the tariffs.
01:40We think that this uncertainty is going to continue to drive the markets, both fixed-income equities, for quite some time to come.
01:47The Trump administration is not going to give up on this.
01:52President Trump has been talking about tariffs, and he has a strong belief in tariffs.
01:56He's been talking about this for 30 years.
01:59The fact that he's gotten some pushback in certain areas, the fact that he hasn't reached a lot of actual hard deals so far,
02:09it's only been 90 days.
02:11In the world of trade negotiations, 90 days is nothing.
02:14They can't even agree to where to set the bargaining table in 90 days.
02:19So we've got a long way to go on this.
02:21My guess, my strongest sense, is that we're going to end up with across-the-board tariffs
02:27that are going to be in the range overall of around 30 percent.
02:33U.S. trade policy remains a major point of uncertainty for investors and companies,
02:37as Trump self-imposed August 1st deadline for many countries to reach agreements with the White House approaches.
02:44U.S. Treasury Secretary Scott Benson said he will meet his Chinese counterpart next week
02:49to discuss an extension to the August 12th deadline set for tariffs on imports from China.
02:54Let's get started.
03:05Let's get started.
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