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The Biden administration announced new Section 301 tariffs to recreate existing tariff levels.
Some companies have already filed a lawsuit against the new Section 301 tariffs, arguing they are an illegal replacement for tariffs previously struck down by the Supreme Court.
Alphabet's cloud business achieved 82% growth, reaching a $100 billion annual run rate.
Alphabet's cloud business has a backlog of over $500 billion.
Brent crude oil prices have increased by approximately 30% in the last month.
The new Section 301 tariffs are set at a level of 10% to 12.5%, which is consistent with the previous Section 122 tariffs.
The legal justification for the new Section 301 tariffs is based on accusations that countries are using forced labor or not policing their importers.
A Supreme Court decision on the legality of the new Section 301 tariffs is not expected until late next year.
The US administration is processing another Section 301 tariff action related to overproduction of goods, which could raise tariff levels above the current 10-12% range.
Qualcomm announced it is raising its prices by double digits.
The Federal Reserve expressed concern at its last meeting about inflation driven by high demand for AI-related goods.
Intel lowered its growth expectations for its client business for the second half of the year, citing the impact of higher memory prices.