Of markets, tariffs and TACO

Markets have still got that loving feeling despite U.S. tariffs coming into effect. On Thursday, President Donald Trump’s “reciprocal” tariffs hit dozens of countries, with those not named in the list subject to a 10% baseline levy.

Thursday marked the culmination of quite a few deadlines the world has faced, as it rides the rollercoaster of Trump’s tariff strategy. And while this deadline has been enforced, the tariffs are not really set in stone. Negotiations, of course, will keep happening, and countries could see some reprieve.

Remember, Trump walked back on “Liberation Day” tariffs a week after all the pomp and ceremony in the Rose Garden, and the July 9 deadline was pushed to Aug. 1, and then to Aug. 7. Steep tariffs announced on China have been on hold, with the deadline of Aug. 12 expected to be postponed.

So, while these might be the highest tariffs the world has seen since the Smoot-Hawley Act in the 1930s — are they here to stay?

Now, if you’d excuse me, the taco shop downstairs may be opening for business.

— Lim Hui Jie

The full list of U.S. tariffs around the world. After months of threats, deals, and posts on Truth Social, dozens of key U.S. trading partners were hit Thursday with “reciprocal” tariffs on their exports to the country. The U.S. has said that besides the list of countries here, all other exports to the U.S. will face a baseline 10% tariff rate.

Markets are mixed. The Dow Jones Industrial Average gave back gains and closed lower on Thursday as investors pocketed some of their profits in a volatile session. In contrast, the tech-heavy Nasdaq Composite advanced, and the S&P 500 was down marginally. In Asia, gains were led by Japan’s Topix, which crossed the 3,000 threshold for the first time.

SoftBank at record high. Shares of SoftBank Group surged over 13% Friday to hit a fresh record, following the company’s higher-than-expected fiscal first-quarter profit. The stock extended gains to a fourth session, and was on course to clock its best day in five years.

OpenAI launches new GPT-5 model. OpenAI on Thursday announced GPT-5, its latest and most advanced large-scale artificial intelligence model. The company is making GPT-5 available to everyone, including its free users. OpenAI said the model is smarter, faster and “a lot more useful,” particularly across domains like writing, coding and health care.

[PRO] China trade talks benefit air freight
The uncertainty of the Trump Administration’s ongoing trade talks with China has fueled airfreight traffic as traders try to get their goods into the U.S. before the Aug. 12 deadline.

Private equity investors want their money back — but it’s tied up in ‘zombie funds’

Private equity firms are struggling to sell the companies they own — and that’s locking investors’ money in aging funds with no clear exit in sight.

After years of booming deal activity following the global financial crisis of 2007-2009, the PE industry is now in a holding pattern. Managers are sitting on a growing number of unsold companies with delayed exits.

— Lee Ying Shan