CNBC Daily Open: President Trump’s children focus on stock buying

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

Trump gave an exclusive interview to CNBC in which he defended his children’s business dealings, which were criticized by critics, while CNBC reporters took a closer look at his stock market buying spree last year.

The Trump administration’s growing alarm over cybersecurity vulnerabilities has put pressure on major US AI companies, with OpenAI reportedly offering to sell a 5% stake in the company to the US government.

Tensions between Russia and Ukraine are back in the spotlight after Russia launched a large-scale missile and drone attack on the country.

Meanwhile, oil is flowing smoothly in the Middle East, with Saudi Arabia shipping 34 million barrels through the Strait of Hormuz since the US and Iran signed an agreement to end the war.

President Donald Trump defended his family’s business dealings in an exclusive interview with CNBC’s Joe Kernen.

He said almost anything his children do could be considered a conflict, and that they were subject to unusually wide scrutiny because of the president’s policies that touch nearly every part of the economy.

“I’m telling my kids, ‘Stay away,'” Trump said. “But they also have lives. You know, they were in business long before I even thought about running for president.”

President Trump said there was “nothing illegal” or “fraudulent” in his crypto ventures after his 2025 financial disclosure report showed more than $580 million in crypto-related income, including about $515 million from the Trump-linked World Liberty Financial token sale and $65 million from the sale of shares in the WLF holding company.

He pointed to federal conflict of interest laws and said the president and vice president do not have to avoid decisions that could affect their economic interests.

As President Trump faces political stress, OpenAI is reportedly stepping up efforts to ease pressure from Washington, including offering to transfer a 5% stake in the company to the US government.

Big U.S. AI companies are under increasing pressure as Washington grows increasingly wary of cybersecurity vulnerabilities associated with their models, amid increased competition from significantly cheaper Chinese open source models.

On the geopolitical front, renewed tensions are causing concern, with Russia launching a major missile and drone attack on Ukraine, Poland scrambling jets, and Finland restricting its airspace.

The latest Russian attack comes as Kiev is stepping up long-range drone attacks inside Russia.

“As envisioned in the Ukraine Defense Strategy, we are depriving our adversaries of resources to wage war,” the ministry said on Telegram on July 1, adding that the effort is aimed at pressuring Russia to end the war and is now in its fourth year.

The rising tensions between Russia and Ukraine are in sharp contrast to developments in the Middle East following the interim peace agreement between Iran and the United States. Since the day the two countries signed an agreement ending the war, Saudi Arabia has shipped 34 million barrels through the Strait of Hormuz, according to data from trade information firm Kpler.

—Justina Lee

Apple plans to launch at least five new iPhone models from the second half of this year to the first half of 2027, Nikkei Asia reported on Thursday, as it seeks to capture a larger share of the market amid industry-wide parts supply shortages.

The U.S. tech giant has told its suppliers to prepare for production of about 10 million foldable iPhones this year, up from the originally expected 7 million to 8 million, the report said, citing people familiar with the matter.

According to Nikkei Asia, Apple has already secured parts for about 80 million smartphones across new models in the second half of 2026, ahead of the launch of its first-ever foldable device.

—Jenny Lee