A box of tomatoes at National Produce Grocery Store in Miami, Florida on November 14, 2025.
Joe Radle | Getty Images
After weeks of intense focus on whether an AI bubble existed in the market, a recurring feature of 2025 has surfaced: tariffs.
In the U.S. on Friday, tech stocks recovered slightly after the Nasdaq hit its lowest in nearly three weeks, perhaps a sign that the AI-driven volatility may be nearing an end.
But just as AI retreats from the spotlight, tariffs enter the stage like the next act of a Shakespeare play.
The Trump administration on Friday reached an agreement with Switzerland that would reduce Swiss export tariffs from 39% to 15% in exchange for $200 billion in investments in the United States by the end of 2028.
Domestically, President Trump has begun lifting tariffs on coffee, fruit, and some beef products, acknowledging that coffee prices in particular are “a little high.”
These reductions mark a sharp reversal in the stance of the U.S. president and his officials that tariffs do not raise prices.
In some ways, the president of the United States may be trying to change the laws of politics with sweeping tariffs, but even he can’t change the laws of economics.
What you need to know today
US tech stocks rebound. Their moves pushed the Nasdaq Composite Index up 0.13% on Friday, ending a three-day losing streak. The S&P 500 was essentially flat, with the Dow Jones Industrial Average down 0.65%. The pan-European Stoxx600 index fell by 1.01%.
The United States and Switzerland have reached a trade agreement. Tariffs on Swiss imports will be reduced from 39% to 15%, Switzerland announced in a post on X on Friday. As part of the agreement, Swiss countries committed to investing $200 billion in the United States by the end of 2028.
President Trump lowered some import tariffs on agricultural products. Goods such as coffee, fruit, and certain beef products are exempt from customs duty. President Trump’s actions on Friday came as U.S. food prices rose about 2.7% in September from a year earlier.
Berkshire Hathaway reveals investment in Alphabet. Warren Buffett’s conglomerate had a $4.3 billion position in Alphabet at the end of September, according to regulatory filings. The investment was likely made by another Berkshire investment manager, not Buffett.
(PRO) Luxury stocks have re-emerged as hot stocks. Analysts say a rebound in Chinese consumer confidence, a rebound in U.S. spending and U.S.-Switzerland relations are giving the luxury sector new life. Here are some names to keep an eye on.
And finally…
People walk past the Prada storefront in a modern shopping complex in Chongqing, China, on January 26, 2025.
Chen Xin | Getty Images News | Getty Images
Forget the China blues — top luxury brands say shoppers are back
Chinese shoppers are returning to luxury goods. In an interview with CNBC’s Charlotte Reid at the JPMorgan Global Luxury Brands Conference in Paris, France, executives from Prada, Coach, Essilor Luxottica and Value Rita said they are starting to see a change in spending patterns. Prada Group Chief Financial Officer Andrea Bonini said the company was “cautiously optimistic”.
However, Chiara Battistini, head of European luxury goods at JPMorgan, told CNBC that “it’s too early to call it an upturn, a complete turnaround,” noting that the apparent improvement was against a “particularly easy” standard of comparison.
— Spriha Srivastava, Charlotte Reid
