Trump Weekly: President says raising tariffs on India ‘substantially’

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump with this weekly recap compiled by The Fly:

TARIFFS ON INDIA: President Trump cites India buying Russian oil for the tariff plans. President Donald Trump continues being interviewed on CNBC.

President Donald Trump had previously stated in a post to Truth Social, “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!! President DJT”

COUNTER TARIFFS: A spokesperson for the European Union said in a statement, “The EU continues to work with the U.S. to finalize a Joint Statement, as agreed on 27 July. With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on 7 August.”

SEMI CHIPS, PHARMACEUTICALS: President Donald Trump said while being interviewed on CNBC that separate tariff announcements are coming within the next week or so on semiconductor chips and pharmaceuticals. Publicly traded drugmakers include AstraZeneca (AZN), Bristol Myers (BMY), Eli Lilly (LLY), GSK (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Publicly traded companies in the semiconductor space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

AMERICAN EAGLE: Shares of American Eagle (AEO) were on the rise on Monday after President Donald Trump said via Truth Social that the company’s jeans are “flying off the shelves.” This comes amidst the controversial series ads from the company featuring Sidney Sweeney, who saw a rise on popularity after appearing in TV Shows “White Lotus” and “Euphoria.”

American Eagle has been in the spotlight recently following its ad campaign “Sidney Sweeny Has Great Jeans,” which features a play on the word “genes.” In the ad, Sweeney zips up her jeans and says, “genes are passed down from parents to offspring often determining traits like hair color, personality and even eye color. My jeans are blue.” Critics say the ad’s focus on the genes of a White woman conjured up the racist theory of eugenics, while other social media users say people are reading too much into the campaign.

Following the controversy, the company said via social media that the spot “is and always was about the jeans” and will “continue to celebrate how everyone wears their AE jeans with confidence, their way.” Meanwhile, President Donald Trump said via Truth Social that, “Sydney Sweeney, a registered Republican, has the ‘HOTTEST’ ad out there. It’s for American Eagle, and the jeans are ‘flying off the shelves.’ Go get ’em Sydney!”