Gulf oil trade, Pentagon's AI usage, Gen Z's analog obsession and more in Morning Squawk

In a busy financial landscape, Treasury Secretary Scott Bessent announced this morning that President Trump's impending 15% global tariff will take effect this week. Additionally, he revealed plans for a series of announcements aimed at bolstering oil trade in the Gulf region. Following yesterday's declines, stock futures are on the rise as traders absorb the latest developments. The stock market experienced a rebound yesterday after Trump stated that the U.S. would ensure the safety of Gulf shipping, potentially escorting tankers through the crucial Strait of Hormuz. This midday turnaround echoes Monday's significant market recovery as investors keep a close watch on the ongoing tensions between the U.S. and Iran. In a separate but equally significant discussion, OpenAI CEO Sam Altman informed employees that the company would not have control over military applications of its technologies. There have been calls from staff at OpenAI and Alphabet for more stringent regulations regarding the military's use of artificial intelligence. Altman emphasized that opinions on military actions, such as strikes in Iran or Venezuela, would not influence operational decisions related to AI deployment. OpenAI recently secured a Defense Department contract after its competitor, Anthropic, was excluded from consideration. Meanwhile, FCC Chairman Brendan Carr commented on Anthropic's missteps during negotiations with the Defense Department. On a different note, Blackstone's President Jon Gray expressed confidence in the credit quality of the firm's primary private credit fund, despite a near 4% drop in shares following reports that investors withdrew nearly 8% of their investments. This trend has raised concerns about the health of the private credit market, a sentiment echoed by CNBC's Hugh Son. In political news, Commerce Secretary Howard Lutnick has agreed to testify before the House Oversight Committee concerning his past associations with Jeffrey Epstein. This decision comes amidst mounting pressure for transparency regarding their relationship, which has been revealed to be more extensive than previously thought. Lutnick maintains his innocence and aims to clarify his position. In a surprising twist, Gen Z is showing a strong inclination towards offline experiences, leading to a resurgence in nostalgic products like $230 notebooks and vintage cameras. According to retail expert Marni Shapiro, as economic and political uncertainties grow, consumers are increasingly gravitating towards items reminiscent of their childhoods, benefiting businesses that sell retro goods. Lastly, Pinterest saw its shares surge over 9% following a strategic $1 billion investment from Elliott Investment Management, with plans for stock buybacks in the pipeline. This highlights a dynamic intersection of investment strategies and consumer behavior in today's market.