Tariff Jitters Hit Stocks, Dimon on Market "Complacency," Nvidia Leads Tech's Big Week 7/11/25

SPEAKER_1 (0:00)

Fidelity Trading Dashboard brings live data, news and charts into one screen, so you can build and place trades better. Start for free at fidelity.com/tradingdashboard. Investing involves risk, including risk of loss. Fidelity Broker Services LLC, member NYSC SIPC.

SPEAKER_2 (0:16)

Introducing the new Dell AIPC, powered by the Intel Core Ultra Processor. It helps do your busy work for you, so you can fast forward through editing images, designing presentations, generating code, debugging code, summarizing meeting notes, finding files, managing your schedule, responding to Jim's long emails, leaving all the time in the world for the things you actually want to do. No offense, Jim. Get a new Dell AIPC starting at 69999 at dell.com/ai-pc. How those ahead, stay ahead.

David Faber (0:47)

Market insight and analysis. You're listening to the opening bell of CNBC Squawk on the Street.

Carl Quintanilla (0:53)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Future is a bit weak, coming off all time highs, though, as the White House adds to a week of tariff threats and markets look ahead to next week's bank earnings and inflation data. Our roadmap begins with this renewed tariff uncertainty weighing on the street. The president does announce a 35% tariff on Canada and threatens higher tariffs across the board.

David Faber (1:18)

Plus, the White House continues to up the pressure on Fed Chair Powell. We'll discuss that. And shares of Levi Strauss, they're surging ahead of the open. The company raised its sales guidance and says it will absorb tariff costs, at least for now.

Carl Quintanilla (1:33)

Let's begin with the president threatening to impose 35% tariffs on some imports from Canada, effective August 1st. He outlined that move in a letter to that country's prime minister, Mark Carney. For now, Canadian goods that are compliant with the USMCA agreement would be exempt. Carney responded late last night in a post on X about the trade talks, saying his government will continue to defend Canada's workers and businesses and work towards, in his words, the revised deadline of August 1st. Again, Jim, if we were overreacting to this kind of stuff in April, are we underreacting now?

Jim Cramer (2:05)

Well, I just think that we've got this situation mentioned in the Nightly News report where he just said, look, the market doesn't mind. It does seem like you've got some sort of treasury besant pudger. The president waits the markets all the way up. The president then whams Canada. I got to tell you, Carney obviously not a fan favorite there in the White House. Very left wing, by the way. People feel that Carney, you read Carney's books, he's left wing. But the fact is, David, the president, when he's riding high, meeting the market, he really tends to lash out in a way that I think we're not used to.

David Faber (2:41)

Yeah, it's sort of surprising. I mean, let's just take this week. So copper, 50%, and we discussed that yesterday, and you went through a lot of the math, that was interesting, but the fact remains that we don't produce domestically enough to satisfy domestic demand.

Jim Cramer (2:56)

700 million.

David Faber (2:57)

And it's an important part of a lot of different things that are important to the economy. It's going to raise cost. Brazil, a politically motivated potential tariff there of 50%, where we have a trade surplus, interestingly, with the country. And now Canada going up from 25 to 35, again, as Carl mentioned, though, only on things that are not part of the USMCA.

Jim Cramer (3:20)

We don't know how much it really meant.

David Faber (3:22)

Right. But let's step back for a moment, because the overall tariff rate is somewhere approaching, what, 15% now, Carl, something along those lines, the likes of which we haven't seen in this country in a century.

Carl Quintanilla (3:35)

And JPMorgan, all week long has said, the closer we get to 20 and above, the more we get to what they're calling boiling the frog.

Jim Cramer (3:42)

Well, look, you've got the spook hauling. We're already in excess of that, which is the one swipe. A lot of people feel that it had a lot to do with the Great Depression. I come back and say, these are all negotiable, and I don't believe that the final ones, I think they can come down. You know, I write the mad money with my, I have one writer, he's also my head writer, Cliff Mason.

David Faber (4:07)

Yes, your nephew.

Jim Cramer (4:08)

My sister's kid. And he points out to me, he said, Jim, you're being a little politically naïve here. In the old days, when we were short of copper, the CIA caused the coup and we put a right wing guy in, and that's how we got our copper, that maybe the 50 percent tariff is a little bit more light handed than the old days.