Pres. Trump's New Tariff Threat, Super Bowl Morning-After Buzz, McDonald's Sizzles 2/10/25

SPEAKER_1 (0:00)

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Carl Quintanilla (1:29)

Market Moving Insight and Analysis join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Scott Wapner, Leslie Picker here at Post 9 of the New York Stock Exchange. Cramer and Faber have the morning off. And speaking to Cramer, congratulations to him and his Philadelphia Eagles on last night's Super Bowl victory over the Kansas City Chiefs. We also wish Jim a happy birthday today. Man, what a birthday present. A lot more on the Super Bowl coming up. Futures are green coming off Friday's sell-off. And looking past these headlines about the new tariffs and retaliation, we're going to get to all of it. A roadmap this morning goes like this. Trump's tariff threats. The president teasing some new levies on all steel and aluminum imports even as China's retaliatory tariffs kick in.

Scott Wapner (2:19)

Plus new warning signs about the strength of the US consumer McDonald's posting its biggest domestic sales decline in nearly five years.

Leslie Picker (2:27)

And shares of Meta platforms up again in pre-market the MAG-7 stock aiming for its 16th straight day of gain. Sweet 16th.

Carl Quintanilla (2:36)

Let's begin with this new week for the markets and the president's promise to impose these 25 percent tariffs on steel and aluminum imports. This is what he told reporters yesterday on Air Force One.

Donald Trump (2:50)

We'll also be announcing steel tariffs on Monday.

SPEAKER_1 (2:54)

Tomorrow?

Donald Trump (2:55)

Monday, yeah.

Scott Wapner (2:56)

What countries will those go on?

Donald Trump (2:58)

Everybody. Steel.

Leslie Picker (2:59)

Including Canada, Mexico, and the United States?

Donald Trump (3:01)

Any steel coming into the United States is going to have a 25 percent tariff.

Leslie Picker (3:06)

What about a little bit of Jim?

Donald Trump (3:07)

A little bit of Jim.

Carl Quintanilla (3:09)

Meantime, over the weekend, a lot of coverage of various trade playbooks that other countries and continents are starting to assemble. The EU, we've heard from China, obviously. Brazil is a story on the wire about come at us and we'll have some retaliation. In some cases, not with direct tariffs, but targeted measures against, for example, US. Tech.

Leslie Picker (3:30)

Yeah, that was a story, I believe it was in The Wall Street Journal about China targeting potentially on the antitrust side of things with US. Tech. What I find so interesting about this weekend's developments is the fact that China is no longer even close to being in the top exporter of aluminum or steel to the US. That goes to Canada. Canada is the top exporter to the US of aluminum and steel. And the reason for that is because there have already been such high tariffs in place on China for these metals. And therefore, China has been exporting elsewhere, including to Canada, which takes that metal and then exports the more expensive version to the United States to be the top exporter of aluminum and steel to the US. So the whole thing is so fascinating. And to your point, Carl, as everyone kind of draws the global world order and tries to figure out how this is all gonna play out, it's so, so complicated.

Scott Wapner (4:23)