Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

We've made it to a new month. It's Friday, August 1st. I'm Julie Morgan.

Trump hits allies and rivals with tariffs. Reddit rallies and Palantir scores big with the Army.

President Trump on Thursday signed an executive order revising reciprocal tariffs on

dozens of countries, setting new duty rates between 10 and 41%.

According to the White House, any goods deemed to be trans-ship to evade these duties will incur an

additional 40% tariff.

Syria faces the highest rate at 41%.

Switzerland and South Africa will see rates of 39 and 30% respectively, while shipments from

Taiwan will face a 20% tariff lower than the 32% set earlier. Trump also proceeded with his plan to raise

tariffs on Canadian imports to 35% from 25% effective today. We have a detailed A to Z list of countries

and territories with their respective reciprocal tariffs in this article.

It's in the show notes section of the show. The revised tariff rates will take effect for goods

entered for consumption on or after 12.01 a.m. Eastern Daylight Time, seven days after the

order's issuance unless otherwise specified. Countries not included in the latest order will be subject

to a 10% duty according to the directive. The updated order revises tariffs set under the earlier

executive order from April. China faces an August 12th deadline to finalize a lasting tariff

agreement with the Trump administration, following preliminary

deal struck in May and June.

Reddits is up 15% in pre-market action.

The social media company provided a strong forecast and reported a double beat for its

second quarter earnings.

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