Trump Ramps Up Tariffs, TikTok Deal, the Fed's Preferred Inflation Gauge 9/26/25

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David Faber (1:32)

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

Carl Quintanilla (1:43)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber here at Post Night of the New York Stock Exchange. Cramer's gonna join us in a little bit after his appearance on the Today Show this morning, where he is talking about his new book, How to Make Money in Any Market. Speaking of which, future is trying to bounce after three days down for Dow S&P NASDAQ. We are on shutdown watch, got some new tariff announcements, some relief from Core PCE, which was in line year on year. Our roadmap begins with the return of tariffs. The president and a series of late night social posts calling for new levies on drugs, kitchen cabinets, heavy trucks.

David Faber (2:18)

Plus, we do have a TikTok deal. The president certainly saying China has signed off on a plan that would give the US majority ownership, control the apps algorithm. You had the executive order signed yesterday. Chinese though are still silent, at least officially on the news, and we're keeping an eye on media, broadly speaking here. Warner Brothers got another downgrade this morning. This, of course, is we continue to focus on the possibility of a paramount bid there. And by the way, NBCUniversal warning that YouTube TV subscribers, well, they may have a possible blackout coming, Carl.

Carl Quintanilla (2:53)

Let's begin, though, with the president's new tariff announcements coming out last night. Talk about some of the stock action that's happening in response. We got Wayfair, I think, RH, William Sonoma, David Down, three to four percent. Kitchen cabinets, as we mentioned. Some bathroom vanities. And an increased sort of rhetorical reliance on national security. Some argue that maybe their administration is trying to hedge whether or not the Supreme Court eventually comes out against the emergency tariffs.

David Faber (3:23)

Yeah. And of course, we're going to be waiting for that. Very important, certainly for their overall strategy. I mean, Carl, I think a lot of investors trying to sort of, and companies trying to understand the pharmaceutical, it's 100 percent, but that's branded. And obviously, most pharma is generic. But again, with a national security overview of better off to be manufacturing it here. Now, if you already have a plant underway, then you are potentially exempted. And there have been many of the larger pharma companies that have announced plans to build new manufacturing facilities in the United States. And also, we shouldn't forget the journal reporting on this possibility of new tariffs related to semiconductors that gets fairly complex, at least. It's not something that has happened as yet, but Commerce Secretary Lutnick apparently in discussion about the idea being that if you've got to buy equally from sources abroad and domestic sources if you don't want to be tariffed. Right? I think I got that right.