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Here’s what you need to know today

• Copper futures jumped 13% after US President Trump threatened a 50% tariff on the metal. This would match his existing tariffs on steel and aluminium imposed earlier this year. Meanwhile, Trump also threatened 200% tariffs on pharmaceutical imports within the next 18 months. (ABC News)
  
  

• Australian companies would be hit by these newly proposed tariffs. BHP and Rio Tinto export copper to the US, and the government estimates that up to $2 billion worth of Australian pharmaceutical exports to the US would face tariffs. (AFR)
  
  

• China has warned America about reinstating tariffs on Chinese imports. Beijing said that if tariffs are reimposed on 1 August, it will go after any country that cuts a side deal with the US. (NBC News)
  
  

• The large streaming platforms are also pushing back on Australia’s local content quotas. Netflix, Amazon and Disney are reportedly lobbying the Trump Administration to label Australia’s domestic TV quotas as “unfair trade practices” (Capital Brief) while Spotify execs have warned proposed quotas for Australian artists on music streaming services would hurt Australian artists growing overseas. (Capital Brief)
  
  

• Scrutiny of Australia’s childcare sector continues. ASX-listed G8 Education has announced it will install CCTV cameras in all 400 of its centres following abuse allegations against a former employee. G8’s share price is down 29% so far in 2025. (ABC News)
  
  

• The world’s first malaria treatment for newborns was approved in Switzerland. Around 30 million babies are born in malaria-risk zones in Africa each year, and Swiss pharmaceutical company Novartis believes their new drug fills a treatment gap for infants under 4.5kg. 8 African countries in the malaria-risk zone are expected to soon approve the drug as well. (Reuters)
  
  

• America has resumed shipments of military aid to Ukraine. This comes after Trump criticised Russian President Putin, saying that his assurances were “meaningless” and “we get a lot of bullshit thrown at us”. (NPR)
  
  

• SpaceX has hit a $400 billion valuation. Elon Musk’s rocket company will offer early employees and investors the opportunity to sell their shares at this valuation, almost double the $210bn valuation at the same time last year. This valuation puts SpaceX in the top 25 most valuable companies globally. (Financial Times)
  
  

• Taiwan’s exports reached a record $154 billion in the second quarter of 2025, driven by global demand for chips made by TSMC. The surge in exports has widened Taiwan’s trade surplus with America, which comes just as Taiwanese leaders are trying to talk President Trump out of his proposed 32% tariff. (Bloomberg)

What the…?

For just the 3rd time in 25 years, the number of Australian property investors has fallen. The Australian Tax Office reported 7,081 fewer rental investors, which is down 0.3%, in the 2023 tax year (which they are just releasing data on now).

And no, its not because Australian investors are embracing alternative ways to grow their wealth outside of property. Property investor groups point to less-investor friendly tax and policy settings and the interest rate rises of 2022 and 2023. (ABC News)

Investing is a lifelong journey

Here’s what you can learn today.

Investing in AI outside the Magnificent 7

This is an excerpt from our interview with Alexander Whight, Portfolio Manager at Milford on Basis Points (Apple | Spotify | YouTube)

Alexander: Outside of the big seven, we've certainly seen on the AI side of things, it's been a bumpy ride… We're not ringing the bell or calling the top.

Ultimately, the way we look at that space is that it is going to prove to be cyclical at some point. We're quite mindful of valuations and what's being baked in. Do we want to pay 25 or 35 times for a company that makes fan blades going into data centres? We don't. That said, if the top line holds in there for long enough, then that'll look just fine, but it's just not a risk that we're willing to take.

We've got some modest exposure there, but really we're trying to uncover stocks at the application layer that are going to be able to monetize AI in a more sustainable fashion, with recurring revenue.

Want to hear what opportunities are most exciting Alexander? Check out the full interview on the Basis Points YouTube channel.

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