Alibaba’s Jack Ma was famously rejected from over 30 jobs—including KFC—before founding one of the world’s largest e-commerce companies.
He recalled being the only person turned away when 24 people applied for jobs at KFC in Hangzhou. These early setbacks didn’t stop him from eventually launching Alibaba, now a global tech powerhouse.
His story is a reminder that resilience often matters more than early success.
Market Wrap
No More Extensions: U.S. Tariff Crackdown Begins
Copper Imports Hit with 50% Tariff:
The White House announced a new 50% tariff on all copper imports, effective August 1. The move—designed to boost domestic production and reduce dependency on Latin American suppliers—triggered a sharp rally in copper prices and mining stocks, marking the administration’s first commodity-specific escalation in the trade war.
Pharmaceutical Tariffs of Up to 200% Introduced:
The administration unveiled a plan to impose tariffs of up to 200% on imported pharmaceuticals, with implementation expected over the next 12 to 18 months. Officials framed the move as a national security measure aimed at reshoring critical drug manufacturing, though the announcement drew concern from healthcare providers about future cost inflation.
No More Extensions for 14 Tariff Letters:
President Trump confirmed that tariff warnings issued Monday to 14 countries—including Japan, South Korea, and Bangladesh—would take effect on August 1 with no further extensions. This shift from Monday’s more conciliatory tone signaled a firmer stance on reciprocal tariffs across a broad swath of trade partners.
Semiconductor Tariffs Under Consideration:
While not finalized, Trump indicated during a press briefing that semiconductor imports were being reviewed for potential tariffs as part of the administration’s push for “critical tech sovereignty.” Industry groups immediately flagged the risks of retaliation and disruption to global chip supply chains.
35% Tariff on Bangladesh Textiles:
In addition to tariffs on Japan and South Korea, the U.S. imposed a 35% tariff on textile imports from Bangladesh, up from 10% previously. The announcement prompted a rally in Indian textile exporters like Gokaldas Exports and Vardhman, as U.S. buyers may pivot to India—potentially affecting global apparel supply chains.
Tightened Sanctions on Iranian Oil:
The U.S. expanded sanctions targeting vessels transporting Iranian oil disguised as Iraqi, a move that could remove up to 1.5% of global oil supply, potentially increasing prices by ~8% if enforced fully. Though enforcement remains inconsistent, this creates a heightened risk premium in energy markets.
Freeport-McMoRan Inc. shares rose in response to President Trump’s announcement of a potential 50% tariff on copper imports, which lifted copper prices sharply and bolstered mining stocks.
Datadog Inc. shares fell 4.2% after Guggenheim downgraded the cloud-monitoring company, citing valuation concerns and heightened competition in the sector.
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