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Boomerang tariffs ahead for China?

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US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer address a press conference in Rosenbad after the trade talks between the US and China concluded, in Stockholm, Sweden on July 29, 2025.

Magnus Lejhall | Afp | Getty Images

The much-anticipated U.S.-China trade talks in Sweden turned out to be a letdown after they concluded Tuesday with no trade truce extension.

Why? Any decision would have to be signed off by President Donald Trump, Treasury Secretary Scott Bessent told CNBC.

While Bessent told Trump on a call that the meeting with China was “very good,” U.S. tariffs on Chinese goods will “boomerang” back up to their April levels if an extension is not reached by the Aug. 12 deadline, the Treasury Secretary told reporters Tuesday.

The trade teams will likely meet again in another 90 days, Bessent added.

Investor sentiment took a hit, with mixed corporate earnings and forecasts compounding the gloom and sending markets lower after recent gains.

There were some bright spots: Boeing narrowed its quarterly losses and Starbucks’ CEO Brian Niccol said the company was showing signs of a turnaround, despite reporting its sixth straight quarter of same-store sales declines. 

But warnings also emerged. UPS, often seen as a proxy for broader U.S. consumer activity, withheld forward guidance on revenue and operating profit, citing ongoing macroeconomic uncertainty.

All eyes now turn to the Federal Reserve, which concludes its policy meeting Wednesday. Other key economic data are also on deck this week, including a reading of gross domestic product and private payroll data due out Wednesday.

— Nur Hikmah Md Ali

What you need to know today

U.S.-China tariff truce extension in limbo. Treasury Secretary Scott Bessent said Tuesday that Trump would have to sign off on any deal after the two countries concluded trade talks in Sweden with no extension. But he told CNBC that the meeting was “far-reaching, far-reaching, robust and highly satisfactory.”

Markets fall on stalled trade talks. On Tuesday, the S&P 500 and Nasdaq Composite closed lower, retreating from their fresh record highs at the opening bell. Europe Stoxx 600 was up 0.29%.

Corporations sound the alarm after mixed earnings. Boeing and Procter & Gamble reported earnings beats, but others missed expectations like Spotify, which posted weak guidance, while shipping giant and U.S. consumer bellwether UPS slashed its dividend. 

Starbucks reports sixth straight quarter of same-store sales declines. But CEO Brian Niccol said in a prerecorded video published with the earnings report that the numbers “don’t yet reflect all the progress we’ve made,” and their comeback is “gaining momentum.” Shares of the company climbed over 4% after hours.

[PRO] Apple is likely to launch foldable iPhone in September 2026, predicts JPMorgan. Analyst Samik Chatterjee shared an estimated price for the new design, the revenue opportunities it could bring for Apple, and named other companies that might benefit from the latest iPhone 17 series.

And finally…

The Rebel-Quad is the second-generation product from Rebellions and is made up of four Rebel AI chips. Rebellions, a South Korean firm, is looking to rival companies like Nvidia in AI chips.

Rebellions

Samsung backs South Korean AI chip startup Rebellions ahead of IPO

South Korean artificial intelligence chip startup Rebellions has raised money from tech giant Samsung and is targeting a funding round of up to $200 million ahead of a public listing, Sungkyue Shin, chief financial officer of the startup, told CNBC on Tuesday. He declined to say how much the tech giant poured in. 

The current funding round is ongoing and Shin said Rebellions is talking to its current investors as well as investors in Korea and globally to participate in the capital raise. Rebellions has some big investors, including South Korean chip giant SK Hynix, telecommunication firms SK Telecom and Korea Telecom, and Saudi Arabian oil giant Aramco. 

– Arjun Kharpal



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Source – Cowboys, DaRon Bland reach 4-year, $92M extension

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The Dallas Cowboys and cornerback DaRon Bland have agreed to a four-year extension worth $92 million, a source told ESPN.

The Cowboys were in discussions with Bland before the Micah Parsons trade, the source told ESPN.

Bland, 26, was named a first-team All-Pro in 2023 when he led the NFL with nine interceptions and set an NFL record for most returns for a touchdown in a season with five.

He has 14 interceptions in three seasons with the Cowboys since they selected him in the fifth round of the 2022 draft.

He is the second member of the Cowboys’ 2022 draft class to receive an extension this year, joining tight end Jake Ferguson, who signed a four-year, $52 million deal in July.



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Father Mother Sister Brother review – Blanchett and Rampling pick at family guilt in Jarmusch’s delectable triptych | Venice film festival

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Jim Jarmusch has made anthology films before: Mystery Train (1989), Night on Earth (1991), Coffee and Cigarettes (2003). In fact, he could claim to be the pre-eminent specialist in this now very unfashionable movie form. But with his new one, a deeply pleasing and gently quietist triptych on the subject of family, he is giving us something new and personal.

It’s the sense of mortality and the gathering cloud of darkness over our heads as we enter middle age, a perpetual nagging worry about the health and happiness of our elderly parents, with the guilt and sadness of not going to see them, or seeing them only rarely, and the related feeling of closeness – or perhaps the opposite – with your siblings for whom these parents are the number one topic of conversation. Then there’s the feeling of relief mixed with dissatisfaction and unease on the long car journey home.

The movie is divided into three (apparently) unrelated panels of drama, events taking place in parallel in three different parts of the world: rural US, Dublin and Paris, and with images and gestures that fortuitously echo each other. In the first, Mayim Bialik and Adam Driver play siblings Emily and Jeff, making the arduous trip out into the countryside to see their ageing dad, played by Tom Waits. His place seems chaotic and on the verge of poverty, an instant source of worry to them both, and Jeff also reproaches himself with having given his dad money over the years. And yet in the course of their awkward visit, they are disconcerted to notice what appears to be a genuine Rolex on the old guy’s wrist and there is evidence that their father is slyly faking his elderly disarray for opaque reasons of his own.

Meanwhile, in Dublin, Charlotte Rampling plays a characteristically self-possessed and self-assured woman who is welcoming her two grownup daughters for their annual visit for tea. She is entirely content to make these visits a rarity. They are the trendy Tim (Vicky Krieps) with pink hair, and the more staid and uptight Lilith, played, a little stagily, by Cate Blanchett, with glasses and sensible shoes.

And finally, in Paris, siblings Skye and Billy – non-identical twins, in fact – are played by Indya Moore and Luka Sabbat; their parents have just died, apparently piloting a light aircraft in the Azores, a deadpan-jokey demise that the actors carry off with complete real-world seriousness. They pay a final visit to their late mum and dad’s Paris apartment, and chat to the housekeeper, played by iconic French veteran Françoise Lebrun. And they make a trip out to a storage depot and gaze at their parents’ belongings, crammed into a lockup. This was the material of their parents’ lives, and Skye and Billy have already wonderingly gone through old photos and marriage and birth certificates. It all seems like evidence of something. But what?

The movie returns us to an age-old question: who are or were our parents? Did they have real existences before we were born that we will never understand? And are our own existences destined to be effaced and rendered irrelevant or taboo by our own children? For me, the first and third sections are the most naturalistically convincing as portraits of real life, the second is more theatrical, although the weird, slyly comic echoes of each other in each of the sections undermine or at least complicate this reality effect. You might sit through this film waiting for a crisis or a confrontation: some explosion of temper or passionate demand for honesty. None will arrive. Basically, there is a contentment and calm here, an acceptance and a Zen simplicity that is a cleansing of the moviegoing palate, or perhaps the fiction-consuming palate in general. It is a film to savour.



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Federal judge blocks US from deporting unaccompanied children to Guatemala | US immigration

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A federal judge on Sunday issued a restraining order blocking the Trump administration from deporting 10 unaccompanied Guatemalan children back to their home country after lawyers said the removals would violate US laws.

The Washington DC-based district judge Sparkle Sooknanan ordered the administration to refrain from deporting the children for 14 days and called for a hearing at 12.30pm. The National Immigration Law Center, a pro-immigration advocacy group, brought the challenge on behalf of the children, who are ages 10-17.

Donald Trump’s administration struck an agreement with Guatemala that would allow the removal of unaccompanied children back to the country and planned to start deportations this weekend, one current and two former US officials told Reuters. The plans were first reported by CNN on Friday.

Trump, a Republican, kicked off a wide-ranging immigration crackdown after returning to the White House in January.

Children who arrive at US borders without a parent or guardian are classified as unaccompanied and sent to federal government-run shelters until they can be placed with a family member or foster home, a process outlined in federal law.

Melissa Johnston, director of the Office of Refugee Resettlement’s program for unaccompanied children, sent an email to staff on Thursday calling for a halt to the release of all Guatemalan children except for those sponsored by parents or legal guardians in the US, according to a copy reviewed by Reuters and one of the former officials.

In a legal complaint filed on Sunday, the National Immigration Law Center and Young Center for Immigrant Children’s Rights said the deportations would be a “clear violation of the unambiguous protections that Congress has provided them as vulnerable children”.

“Defendants are imminently planning to illegally transfer Plaintiffs to Immigration and Customs Enforcement (ICE) custody to put them on flights to Guatemala, where they may face abuse, neglect, persecution, or even torture, against their best interests,” the complaint read.

The US Department of Homeland Security, Ice’s parent agency, did not immediately respond to a request for comment. Guatemala’s foreign ministry declined to comment.

Sooknanan was appointed by President Joe Biden, a Democrat.



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