Company Interview / the open: ASX to fall, whilst Trump adds tariffs

The local market is set to fall from its record high with ASX futures down 0.3%. Whilst Wall Street stocks gained as earnings beat expectations with investor sentiment remaining positive. Megacap tech stocks led the way, as Amazon rallied 4% and Tesla gained 3.6% cent. And Apple shares climbed after news of its plans to announce a domestic manufacturing pledge of $100 billion that will focus on bringing more manufacturing to the United States. 

President Trump is imposing a 100% rate on semiconductor chips imported into the country saying the new tariff would apply to "all chips and semiconductors coming into the United States." In addition, the President has imposed an additional 25% tariff on Indian goods, because of India's continued imports of Russian oil. 

The US dollar index is down 0.6% on anticipation that the Federal Reserve will cut rates more times than previously expected this year. Meanwhile the Australian dollar has risen back above 65 cents.