Dow futures indicate an upward trajectory as President Donald Trump’s recent imposition of tariffs comes into effect. Trump’s decision to expand his tariffs and disrupt established global trading systems affects nearly all nations. In the interim, Apple commits to increasing its investment in U.S. manufacturing, while Trump indicates that a full 100% duty on semiconductor imports may be imminent, albeit with potential exemptions for companies that agree to enhance their domestic production capabilities. Elsewhere, Toyota slashes its full-year operating profit forecast due to the tariffs.

Dow futures experienced an uptick on Thursday following the implementation of Trump’s new elevated tariffs on various trading partners, as investors monitored the relatively robust earnings reports from Corporate America. As of 02:45 ET (06:45 GMT), the Dow futures contract experienced an increase of 34 points, representing a 0.1% rise, while S&P 500 futures advanced by 17 points, or 0.3%. Additionally, Nasdaq 100 futures saw a gain of 67 points, also reflecting a 0.3% uptick. The main averages on Wall Street experienced an increase in the previous session, supported by robust quarterly reports, including positive returns from burger giant McDonald’s. Apple shares also rallied, underpinning the advances in the indices, on news that it would invest more in domestic manufacturing (more below). In the aftermath of Wednesday’s trading session, the benchmark S&P 500 has rebounded from a decline experienced late last week, which was triggered by disappointing monthly employment data. “The simplest interpretation is that there has been no event to change the prevailing upward trend; the onus is on the bears to alter the market sentiment, and thus far, they have not succeeded,” analysts at Vital Knowledge stated in a note. Anticipations that the disappointing employment figures will prompt the Federal Reserve to implement interest rate reductions have also enhanced sentiment, they noted. This week, certain Federal Reserve policymakers have indicated a readiness to reduce interest rates at the central bank’s forthcoming meeting next month in response to the softening labor market, despite ongoing concerns that tariffs may exacerbate inflationary pressures.

Trump’s increased tariffs on over 90 countries came into effect after midnight Eastern time, marking another advancement in the White House’s persistent effort to reform global trade. Levies of 15% are currently imposed on countries such as Bolivia and Nigeria, whereas a 20% import tax has been applied to others, including Taiwan. Brazil and India are encountering increased tariffs as a consequence of Trump’s dissatisfaction with domestic policies—specifically, Brazil’s legal actions against his political associate Jair Bolsonaro and India’s acquisition of Russian oil. A number of trading partners, such as Britain, the European Union, Japan, South Korea, and Vietnam, secured preliminary trade agreements with Washington before the new duties took effect. These arrangements resulted in tariff rates between 15% and 20% in return for market access to American goods and, in certain instances, commitments to invest in the United States. Currently, a 30% tariff on Chinese imports remains in place as a result of a trade agreement reached between Washington and Beijing earlier this year; however, this arrangement is scheduled to conclude on August 12. Trump additionally threatened to impose a 100% tariff on all semiconductor imports, as part of an effort to reshore domestic chip manufacturing. However, he noted that firms that commit to investing and constructing in the U.S. will be granted exemptions.

In light of this caveat, Apple CEO Tim Cook accompanied Trump at the White House to announce a pledge to allocate $100 billion towards further investment in the United States. Cook specifically emphasized the California-based iPhone maker’s commitment to enhancing its domestic manufacturing footprint and relocating a significant portion of its extensive supply chain to the United States. Cook stated that he is considering Trump’s request for Apple to reshore its operations “very seriously.” Apple’s shares experienced an increase of more than 2% during extended hours trading on Thursday, following a rise of over 5% the previous day. Earlier this year, Apple disclosed its intention to invest $500 billion in new initiatives within the U.S. The company indicated plans to employ approximately 20,000 workers over the next four years and to establish a new facility in Texas dedicated to producing the machinery essential for advancing its artificial intelligence goals. Nonetheless, Apple has not fully relocated all manufacturing processes of its flagship iPhone to the United States, despite Trump’s assertion in May regarding a potential 25% tariff on imported smartphones. Apple has redirected a portion of its iPhone manufacturing from China to other Asian countries, including India and Thailand.

Shares of Toyota, listed in Japan, experienced a decline following the company’s reduction of its annual operating profit forecast by 16%. This adjustment was attributed to an expected $10 billion impact from U.S. tariffs on imported vehicles, rising input costs, and the appreciation of the yen. The world’s largest auto manufacturer has revised its bottom-line figure for the fiscal year ending in March 2026 to 3.2 trillion yen, down from an earlier estimate of 3.8 trillion yen. U.S. duties are projected to reduce income by 1.4 trillion yen, equivalent to approximately $9.5 billion, over that period. The prior estimate indicated that the effect of the levies would amount to 180 trillion yen. The reduction, coupled with a decline in Toyota’s first-quarter operating profit, highlights the pressures faced by the company and other foreign automakers due to the sweeping and aggressive trade agenda implemented by the Trump administration. Yet demand has demonstrated resilience. Toyota achieved unprecedented global sales figures for the initial half of the calendar year, with its operating profit for the April to June quarter reaching 1.17 trillion yen, surpassing analysts’ forecasts.

In July, China’s exports experienced an accelerated growth rate, even as trade with the U.S. declined. This suggests that the tariffs have not significantly impacted a crucial segment of the world’s second-largest economy. China’s exports rose by 7.2% last month relative to the same period last year, measured in dollar terms, following a 5.8% increase in June, as reported by the General Administration of Customs on Thursday. This occurred concurrently with a 22% year-on-year decline in outgoing shipments to the U.S. In June and May, the figure experienced a decline of 16% and 35%, respectively. The data indicates that, notwithstanding concerns that a recently mitigated tit-for-tat dispute with the U.S. might adversely impact exports, China has managed to uphold the sector by distributing goods to various nations globally. This trend has been pivotal, supporting economic activity in a nation facing sluggish consumer demand and an enduring property crisis.