CNBC Daily Open: ‘America First’ Doesn’t Mean ‘America Alone’

Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.

At the United Nations, arguably an international organization, US President Donald Trump delivered a message that epitomized the America First slogan.

He has called on other countries to isolate Iran, attacked the Cuban government and rejected international oversight of artificial intelligence.

But Washington cannot proceed alone on any of these issues. The flow of oil in the Strait of Hormuz needs to be facilitated by Iran, and AI is a global phenomenon.

America may put itself first, but it also needs partners to achieve its goals.

“While others have been talking, I have been acting,” US President Donald Trump told the United Nations General Assembly.

The problem is that much of what he wants still requires someone else to act.

In his speech, the US president defended the nearly seven-month war with Iran, criticized the Cuban government and rejected international oversight of artificial intelligence.

Trump said he was prepared to make “big decisions” on Iran about whether to strike a deal or quickly “annihilate” Iran, predicting that after the midterm elections the Islamic Republic would strike a deal and oil prices would fall.

But a deal with Iran is needed to end the chaos in the strategically important Strait of Hormuz. Iran has reportedly suggested it could reopen the strait within seven days if the US eases military pressure and lifts the blockade of Iranian ports.

Reuters and Japan’s Kyodo News, both citing unnamed Iranian government officials, said the Iranian government had laid out the conditions necessary to reopen the Strait of Hormuz.

In other words, America First still needs other parties, such as the North Pole.

After President Trump repeatedly threatened to occupy Greenland, the United States, Denmark and Greenland signed a security agreement allowing Washington to expand the existing Pitufik space base and establish additional military facilities in Narsarsuaq and Mestelsvig.

More importantly, the agreement affirms Greenland’s sovereignty and right to self-determination, while preventing non-NATO countries from establishing a military presence without the approval of the parties.

It has no expiration date and remains in effect even if Greenland eventually becomes independent.

The Trump administration is also considering a more inward-looking response to rising fuel prices.

Treasury Secretary Scott Bessent said officials are considering whether limiting diesel exports is feasible as fuel prices reach record highs.

Trump is also expected to press Ukrainian President Volodymyr Zelenskiy for an energy ceasefire after asking Kiev to stop targeting Russian refineries with drone strikes, saying they are “damaging the world.”

Kiev says it is ready to stop attacking Russia’s energy infrastructure if Moscow retaliates.

After the United Nations General Assembly, focus will turn to a summit between President Trump and Chinese President Xi Jinping in the United States on Thursday.

The two leaders are expected to explore ways to strengthen the fragile trade ceasefire when they meet in Washington for their second face-to-face summit this year.

Investors will also be keeping an eye on the guest list. On the US side, it’s now something of a market leaderboard: Tesla CEO Elon Musk, Nvidia CEO Jensen Huang, OpenAI’s Sam Altman, Amazon’s Jeff Bezos, and Apple’s executive chairman Tim Cook.

— Lim Huijie

Qualcomm releases Android chip built for AI as memory shortage weighs on smartphone market

Qualcomm has announced its latest Android phone chipset, which is tailored for on-device artificial intelligence and will compete with Apple’s A20 Pro on the iPhone.

Qualcomm said in a press release on Tuesday that the new chip will be included in premium smartphones from companies such as Motorola, Xiaomi and ZTE. Qualcomm is introducing two versions of the chip, one with additional features and “Extreme” branding.

The announcement comes as the broader smartphone industry is reeling from a global contraction due to soaring memory costs that have pushed up the price of finished devices.

— Kiff Lesswing