Tomatoes sit in a box at the National Produce Fruit and Vegetable store on November 14, 2025 in Miami, Florida.
Joe Raedle | Getty Images
After a few weeks of intense focus on whether there is an AI bubble in the markets or not, a recurrent character of 2025 has emerged to the fore: tariffs.
On Friday stateside, tech stocks recovered slightly after the Nasdaq hit its lowest level in about 3 weeks, perhaps indicating that the AI-fueled volatility could be nearing an end.
However, just as AI steps away from the spotlight, tariffs enter the stage, like the next act in a Shakespearean play.
The Trump administration reached a deal with Switzerland Friday stateside to lower duties on Swiss exports to 15% from 39%, in return for a $200 billion investment in the U.S. by the end of 2028.
On the homefront, Trump also started to roll back tariffs on goods such as coffee, fruits and certain beef products after acknowledging that prices, specifically coffee, “were a little bit high.”
These rollbacks mark a sharp reversal in stance for the U.S. President and his officials, which said that tariffs will not raise prices.
In a way, the U.S. President may try to change the laws of politics with his sweeping tariff moves, but even he cannot change the laws of economics.
What you need to know today
Tech stocks in U.S. rebound. Their moves lifted the Nasdaq Composite 0.13% on Friday stateside, ending a three-day losing streak. The S&P 500 was mostly flat and the Dow Jones Industrial Average fell 0.65%. The pan-European Stoxx 600 index lost 1.01%.
U.S. and Switzerland reach trade deal. Tariffs on Swiss imports will be lowered to 15% from 39%, Switzerland announced in a Friday post on X. As part of the agreement, Swiss countries have pledged to invest $200 billion in the U.S. by the end of 2028.
Trump cuts some tariffs on agricultural imports. Goods such as coffee, fruits and certain beef products will be exempt from duties. Trump’s move on Friday comes as food prices in the U.S. rose around 2.7% year on year in September.
Berkshire Hathaway reveals stake in Alphabet. Warren Buffett’s conglomerate had a $4.3 billion position in Alphabet as of the end of September, according to a regulatory filing. The investment was likely not made by Buffett, but other Berkshire investment managers.
[PRO] Luxury stocks reemerging as hot picks. Recovering Chinese consumer appetite, resilient U.S. spending and the U.S.-Switzerland are giving new life to the luxury sector, according to analysts. Here are some names to watch.
And finally…
People walk past a Prada storefront located in a modern shopping complex on January 26, 2025, in Chongqing, China.
Cheng Xin | Getty Images News | Getty Images
Forget the China gloom — luxury bosses say shoppers are back
Chinese shoppers are returning to luxury. Speaking to CNBC’s Charlotte Reed at the JPMorgan Global Luxury and Brands Conference in Paris, France, top executives from Prada, Coach, EssilorLuxottica and Value Reta ssaid they are beginning to see a change in spending patterns. Andrea Bonini, chief financial officer of Prada Group, said the company is “cautiously optimistic.”
However, Chiara Battistini, JPMorgan’s head of European luxury, told CNBC it is “early to call it a turnaround and a complete inflection,” noting that the apparent improvement came against “a particularly easy” comparison base.
— Spriha Srivastava, Charlotte Reed