Expanding Trump Accounts with IRS CEO & SSA Commissioner 07/16/26

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**Joe Kernen** (0:56)
Bring in show music, please.

**Katie Kramer** (1:00)
Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, one man, many jobs. He runs the IRS, Social Security, and now the Trump Accounts investment vehicles for newborns, Frank Bisignano on the newest public program.

**Frank Bisignano** (1:15)
If you want to go to the core, you're going to say what we want these children to own is an index fund and see the growth of the index fund and not the single stock focus.

**Katie Kramer** (1:28)
Streaming giant Netflix is poised to report latest financial performance. What its 300 million plus subscribers need to know, analyst Robert Fishman.

**Robert Fishman** (1:36)
We do think it's a good buy here at Grafie, and I think the attractiveness of the stock position today is this question whether or not the growth is sustainable.

**Katie Kramer** (1:47)
Plus, new tariffs on Brazil, an uber-sized deal, and watching the rock stars watching the World Cup.

**Joe Kernen** (1:53)
Did you see how perfect that?

**Becky Quick** (1:55)
Oh, had the placement?

**Joe Kernen** (1:56)
That perfect, yeah.

**Katie Kramer** (1:59)
It's Thursday, July 16th, 2026 Squawk Pod begins right now.

**Andrew Ross Sorkin** (2:04)
Stand Becky by in three, two, one.

**Becky Quick** (2:10)
Good morning, everybody. Welcome to Squawk Box right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick, along with Joe Kernen and Andrew Ross Sorkin.

**Andrew Ross Sorkin** (2:20)
Meantime, the US has levied 25% tariffs on most imports from Brazil, effective next week. It concluded a year-long investigation into alleged unfair trade practices, including ordering American tech firms like X, Meta and Google to remove certain political content and suspending accounts of US residents. The Society of Brazil's preferential tariffs from Mexico and India, weak intellectual property enforcement and ethanol market barriers. Certain Brazil goods will be exempt from those tariffs. Brazil's include beef, orange juice, aircrafts and other parts, and some energy products. In a statement, Brazil's president rejected the tariff decision as groundless and vowed to initiate countermeasures. Now, President Trump has been seeking to reassert his authority over trade. This of course after the Supreme Court struck down what was those previous tariffs, including a 50% tariff at that time on Brazilian goods. What we're now seeing of course is the administration going through the process of trying to evaluate each country on a country by country basis. That appears to have a more grounded legal basis.
The question of course is, there's questions probably within even something like this, on the grounding of some of those things and then what Brazil does to retaliate.

**Joe Kernen** (3:37)
And I guess we're going to talk about oil, we got to talk about what's happening in Iran. Early this morning, Iran warned that it would crush key targets in the Middle East if President Trump carried out his threats to target Iran's infrastructure.
On Tuesday, President Trump said if a diplomatic breakthrough isn't achieved by next week, then the US would target Iran's power plants and bridges. And speaking yesterday at the Pennsylvania Defense and Innovation Summit, President Trump addressed the impact of the war on the price of oil.

**Donald Trump** (4:11)
A lot of people thought oil would go up to $350 a barrel, and today it's at $79.
A couple of days ago, it was at $68. It went up a little bit because I had to take tough action, because they did not obey what they're supposed to obey. I mean, they just didn't do it. So we took a little action, but when that settles down, I think you're going to have $55 oil, which is all great for what you're doing, maybe less than that.

**Joe Kernen** (4:40)
Let's check out where crude prices are in 79, so below 80, which might be a little bit surprising, I guess.

**Becky Quick** (4:48)