Market Sell-Off: Trump's New Tariffs, Jobs Miss, Apple and Amazon, Chevron CEO Exclusive 8/1/25

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David Faber (1:02)

Market Insight and Analysis. You're listening to the opening bell of CNBC's Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm David Faber. That man is Jim Cramer. We're live from Postline at the New York Stock Exchange. Carl has the morning off. What a morning it is.

Jim Cramer (1:18)

Oh my God.

David Faber (1:18)

Talk about summer Friday. We got so much news here, and of course we have a market that is looking at a lower open when we get started with trading a half hour from now. Let's get to our roadmap this morning. President Trump unveiled sweeping new tariffs on a number of global trading partners, including of course Canada. Their rate goes up as well. Apple posted the biggest revenue growth in more than three years, but there are tariff concerns as well. They are the temporary investor enthusiasm. As for Amazon shares, they're down. Lumi Outlook overshadows what was a strong quarter. And if all that's not enough for us to try to cover, how about investors digesting a jobs report that came in well below expectations with revisions in June significantly lower than the original number.

Let's start with the president imposing tariffs on dozens of countries, including Canada. It's now at 35%. It had been at 25%. Of course, that's only goods that are not covered under the US. Mexico Canada trade agreement, Jim, but we came into the session with that perhaps weighing on the futures a bit. We're looking like we're down 1%. Then we also get the employment number. So let's go through trade. Let's move on to jobs. Then we will get to the big earnings.

Jim Cramer (2:32)

I think trade continues to shock people that the president takes any action and then they're not shocked. So they'll look at it over the weekend and then they'll come and they'll say, you know, it's really not that big a deal. It really doesn't matter. So that's my take on that. I think that this employment number does matter because it confirms that either the president knew or these two dissenters knew. That's what people are going to say, a little conspiratorial. But it's going to... I saw Mr. Ferguson talk about how you got to wait and see. I don't think the president is really in that wait and see game. He did seem to almost be calling for a coup.

David Faber (3:10)

I'm not sure we've gotten a posting yet on his Truth social network that he uses to communicate. I think Andrew or Joe said something earlier, and I'm sure that will be confirmed in the sense of, I'm sure we'll get something coming after the Fed chair yet again. But before we get to the heart of the jobs number and what it's doing to rates and what it means, any other thoughts on sort of these tariffs? I mean, again, Mexico gets the 90 days reprieve.

Oh, is that just out?

Jim Cramer (3:40)

Too late.

David Faber (3:41)

Okay, there it is.

Jim Cramer (3:41)

Sorry, guys.

David Faber (3:42)

I had seen that. Too little, too late. Jerome, too late, pal. Drop the rate. All right. Then back to tariffs, which actually gets me back to what I was talking about, which are bringing in, by the way, significant revenue every month as we sort of seem to move to at least a 15 percent overall rate. Canada now, which is our ally with a peaceful board of 35 percent.

Jim Cramer (4:07)

Carney insulted the president.

David Faber (4:08)

Insulted him?

Jim Cramer (4:09)

Yeah, he insulted him.

David Faber (4:10)

How did he do that?

Jim Cramer (4:11)

Because the big issue here, and Peter Navarro came on our show and said that is, you don't want any taxes on any of our tech and what we do, and Carney snuck that in.