Tariffs and Record Highs, Nvidia $4T and Beyond, Interview with NFL Commissioner Goodell 7/10/25

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Jim Cramer (0:47)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:01)

Good Thursday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer. Faber is back at Post 9 of the New York Stock Exchange. Futures a little soft as the White House continues to layer on the tariff threats, whether that's copper or now Brazil. Earning season kicks off with Delta Con Agra. Jobless claims lower now for four straight weeks. Our roadmap begins with trade and tech. Some bullish AI sentiment lifting the NASDAQ and Nvidia to new highs as investors continue to digest the latest volley of tariff announcements from the White House.

David Faber (1:30)

Plus, Delta shares are flying high. The airline beating earnings estimates and restoring its outlook for the year. CEO Ed Bastion says bookings have stabilized. And with NFL training camps about to get underway. Oh my gosh, you're going to start talking about the NFL again soon. The league reportedly looking into renegotiating existing meteorites deals, also embroiled in a collusion controversy. Why do I mention those things? Well, we're going to have a chance to discuss them with NFL Commissioner Roger Goodell. And that will be this hour of Squawk on the Street.

Carl Quintanilla (2:00)

Let's begin with markets, focusing on trade and tech. One day after NVIDIA's historic march to four trillion market cap, which you saw right here on Squawk on the Street. Let's begin with trade. The president announcing this 50% tariff on copper, effective August 1, Jim. Brazil adds another layer of how he views tariffs in general.

Jim Cramer (2:19)

Right now, there's a place we really have, don't have this surplus or a deficit. They've been even, and it's been a very good trading partner, but there's political reasons, because the president doesn't really like the way that, our president doesn't like the way that they handle their politics.

Carl Quintanilla (2:35)

Their own judicial system, yes.

Jim Cramer (2:37)

I think that the president is taking steps that make it so that we, usually with the country, other than Theodore Roosevelt, are saying, here's how you run your country. And, whatever, everyone has the right to say it, here's how you run it, but you usually don't put that kind of 50% whammy in one.

David Faber (2:54)

Yeah, I mean, we talk often about things that are unusual, if not we've never seen before. And I would put that in that category, because we have a trade surplus with Brazil.

Jim Cramer (3:06)

Right.

David Faber (3:07)

About $7 billion, not large, but a surplus nonetheless. So one would think you would not take a retaliatory stance, necessarily, given that relationship at this point.

Jim Cramer (3:17)

So it turns out that's not at the focal.

David Faber (3:19)

Right. So basing it on politics seems a new territory here. And then, I mean, what the emergency powers the president is using to impose these tariffs, Carl, are still subject to review, I think, by the Supreme Court, but it's going to be a while till we get that, I believe.

Jim Cramer (3:37)

Yeah, the Supremes are always a little behind. I mean, I think that one of the things that amazes people, it continues to amaze people, is that we're not used to a president just saying, okay, here, boom. We're used to consulting and, you know, we'll go to Brazil, maybe meet with the president until you talk about what to do. And this is radical. It's a radical thing because I would argue that, forget the politics, they've been good partners, but that seems to be only one of the criteria. It's kind of like Scott Cohn is, like many different criteria.

Carl Quintanilla (4:08)

Yeah, yeah, absolutely. By the way, Lula did have a response last night on social media saying that the country will not accept getting tutored. They're going to respond with reciprocity. They're setting up some study groups to figure out how to respond to this one.