U.S. President Donald Trump at an event to announce that Space Force Command will move from Colorado to Alabama, in the Oval Office at the White House in Washington, D.C., U.S., on Sept. 2, 2025.
Brian Snyder | Reuters
Labor Day in the U.S., which took place Monday, marks the unofficial end of summer — which means saying goodbye to the promise of all life could be and once again squeezing it to fit the four walls of the office.
But there was someone eager to get back to work: U.S. President Donald Trump. (Not that he appeared to take a summer vacation at all, as CNN reported.) Trump said Tuesday he will request an “expedited ruling” from the Supreme Court to overturn a federal appeals court decision that most of his tariffs were illegal.
The White House leader blamed that ruling for the fall in stocks Tuesday. “The stock market’s down because of that, because the stock market needs the tariffs,” he said. “They want the tariffs.”
It’s a debatable assertion, given that stocks sank after Trump announced his “reciprocal” tariffs on that fateful April day, and surged — in one of the biggest rallies in history — following a pause in the implementation of levies.
However, Trump is potentially right in one aspect of the market benefiting from tariffs: Treasurys. The yield on the 30-year bond nearly touched 5% as investors, fearing a hit to the U.S. government’s coffers if deprived of tariff revenue, demanded more returns for lending to a White House already persistently in fiscal deficit.
What you need to know today
Google will be allowed to keep Chrome, court rules. However, U.S. District Judge Amit Mehta said that Google cannot have “exclusive” contracts to preload its products, such as making Google Search the default search engine on Apple’s iPhones.
World faces ‘peace or war,’ Xi says at a military parade. On Wednesday, China commemorated the end of World War II, with Chinese President Xi Jinping joined by his Russian and North Korean counterparts. On the same day, Trump alleged the three leaders were conspiring against America.
Kraft Heinz to split into two companies. Formed from a $46 billion merger, the food company is expected to separate in the second half of 2026. Warren Buffett, whose Berkshire Hathaway helped orchestrate the merger, said he was “disappointed.”
U.S. stocks slipped Tuesday. Major indexes fell, dragged down by declines in Big Tech names. On Wednesday, Asia-Pacific markets mostly fell. Australia’s S&P/ASX 200 declined even as the country’s economy expanded more than expected in the second quarter.
[PRO] ‘Generational shift’ for Nestle. While a spokesperson told CNBC that the company’s new CEO Philipp Navratil was a “changing of the guard,” analysts were wary of the abrupt switch in leadership.
And finally…
Gold bars at the precious metal dealer Pro Aurum.
Sven Hoppe | Picture Alliance | Getty Images
Gold just hit another all-time high and its record-setting run may not be over yet
Volatility in financial markets, as well as lingering concerns about sticky inflation, economic growth and geopolitical tensions, have all benefited gold this year. Since the beginning of 2025, spot gold prices have risen by almost 35%.
Nick Lawson, CEO of London-based merchant bank Ocean Wall, said Tuesday that gold was poised for “a powerful breakout.” Central banks now held more gold than U.S. Treasurys for the first time since 1996, he noted, while fresh institutional demand was building in China and India.
— Chloe Taylor
