Trump says stocks ‘want’ tariffs — but it might be Treasurys

Labor Day in the U.S., which took place Monday, marks the unofficial end of summer — which means saying goodbye to the promise of all life could be and once again squeezing it to fit the four walls of the office.

But there was someone eager to get back to work: U.S. President Donald Trump. (Not that he appeared to take a summer vacation at all, as CNN reported.) Trump said Tuesday he will request an “expedited ruling” from the Supreme Court to overturn a federal appeals court decision that most of his tariffs were illegal.

The White House leader blamed that ruling for the fall in stocks Tuesday. “The stock market’s down because of that, because the stock market needs the tariffs,” he said. “They want the tariffs.”

It’s a debatable assertion, given that stocks sank after Trump announced his “reciprocal” tariffs on that fateful April day, and surged — in one of the biggest rallies in history — following a pause in the implementation of levies.

However, Trump is potentially right in one aspect of the market benefiting from tariffs: Treasurys. The yield on the 30-year bond nearly touched 5% as investors, fearing a hit to the U.S. government’s coffers if deprived of tariff revenue, demanded more returns for lending to a White House already persistently in fiscal deficit.

Google will be allowed to keep Chrome, court rules. However, U.S. District Judge Amit Mehta said that Google cannot have “exclusive” contracts to preload its products, such as making Google Search the default search engine on Apple’s iPhones.

Kraft Heinz to split into two companies. Formed from a $46 billion merger, the food company is expected to separate in the second half of 2026. Warren Buffett, whose Berkshire Hathaway helped orchestrate the merger, said he was “disappointed.”

Musk says most of Tesla’s value will come from Optimus. That’s according to a post on X that Tesla CEO Elon Musk wrote Monday. Tesla sales are experiencing a slump, and it’s only begun testing robotaxis, lagging behind rivals such as Waymo and China’s Baidu.

U.S. stocks slipped Tuesday. Major indexes fell, dragged down by declines in Big Tech names. Treasury yields spiked on the prospect of the U.S. having to refund tariff revenue. The Stoxx Europe 600 fell 1.5% in its worst session in a month.

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