Trump announces 15% tariff deal with South Korea, says he'll impose 25% tariff on India
Get Starting Point
A guide through the most important stories of the morning, delivered Monday through Friday.
Enter Email
Sign Up
Trump also said South Korea had agreed to 'accept American product including Cars and Trucks, Agriculture, etc.' That is likely to take the form of an agreement by Seoul to accept cars and trucks built to US motor vehicle safety standards, without subjecting them to additional requirements.
Advertisement
It was not immediately clear if the agreement would guarantee discounted tariffs on automobiles and auto parts from South Korea — a key point of tension in recent negotiations between the countries.
South Korea will purchase $100 billion in liquefied natural gas or other energy products, Trump said. The pledge comes on top of a European Union promise to buy $750 billion of American energy over three years — and amid increasing questions about how the United States can fulfill the volumes being established in the country's trade frameworks with other nations.
Advertisement
Trump has emphasized investments in the United States and purchase commitments — especially those tied to the nation's oil and gas bounty — in reaching framework trade agreements.
The 15 percent tariff rate for South Korea is the culmination of months of talks and helps Seoul — the US's sixth-biggest trading partner — avert a 25 percent levy that was set to take effect Aug. 1, alongside fresh penalties for dozens of US trading partners.
The negotiations were especially delicate for the young government in South Korea, as President Lee Jae Myung considered allowing the US greater access to South Korea's beef and rice markets — a politically sensitive topic that spurred widespread protests back in 2008.
Trump said the South Korean president would be visiting Washington within the next two weeks for a bilateral meeting.
Concessions by Lee risk torpedoing his honeymoon period in office by angering farmers and fracturing his party. His victory in June's election after months of political turmoil prompted an uptick in sentiment among businesses and consumers and a surge in stocks to record levels.
But the nation was also playing catch-up in the trade talks to prevent higher universal tariffs damaging a fragile economy that's just emerging from a contraction.
South Korea already has a free trade agreement with the US and its corporate giants pledged tens of billions of dollars of investments as the trade talks were ongoing.
As for India, Trump said that in addition to high tariffs on US goods, the country's trade with Russia is also a concern.
Advertisement
Trump told reporters on Wednesday the two countries were still in the middle of negotiations on trade despite the tariffs slated to begin in a few days.
'We're talking to India now,' the president said. 'We'll see what happens.'
The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement.
India and the United States have been engaged in negotiations on concluding a 'fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement.
Trump on Wednesday signed separate orders to
Trump also said on Truth Social that the United States has reached a deal with Pakistan that includes the development of its oil reserves. Meanwhile, Treasury Secretary Scott Bessent was briefing him on trade talks with China.
Trump's announcement comes after
Advertisement
While Trump has effectively wielded tariffs as a cudgel to reset
There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips.
Kevin Hassett, director of the White House National Economic Council, said Trump and US Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date.
Trump's approach of putting a 15 percent tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to US leadership on the world stage.
French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the United States will continue as the agreement gets formalized.
'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.'
Material from the Associated Press was used in this story.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Trump tariffs live updates: Trump grants Mexico 90-day reprieve as countries race to make deal
President Trump on Thursday said he was granting Mexico a 90-day reprieve on higher tariffs, saying he would extend Mexico's current tariff rates to allow for more time for negotiations. "We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer," Trump wrote on social media after talking with Mexico's president, Claudia Sheinbaum. The extension avoids a further escalation with the US's largest trade partner as Trump's sweeping tariffs get set to go into effect Friday. In the days and hours before his tariffs are set to come into full force, Trump has unleashed a flurry of deals and trade moves. Those include a new pact with South Korea and an extension of Mexico's current tariff rates for another 90 days. The South Korea agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, according to Trump's post on Truth Social. Deals were also expected with Thailand and Cambodia after Monday's ceasefire. A deal with Taiwan was also reportedly close. On Wednesday, the president made other moves, including threatening a 25% tariff on goods from India and slapping 50% tariffs on many goods from Brazil — but exempting some of the country's key exports. Trump also signed several orders Wednesday: One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper scrap and input materials. Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. The third order targets Brazil, but it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). Meanwhile, Treasury Secretary Scott Bessent said on Thursday that the US and China now have "the makings of a trade deal," days after the countries wrapped up a third round of talks. Also, the US and EU are racing to lock in the final details of their agreement. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump unleashes a flurry of trade surprises on eve of deadline President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. A list of President Trump's tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. A list of President Trump's tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters.
The Onion
4 minutes ago
- The Onion
Trump Sues Safeway Circular For False Ham Claims
WASHINGTON—In an escalation of his ongoing feud with the press, White House sources confirmed this week that President Donald Trump was suing the Safeway circular for false ham claims. 'The deceptive Safeway flyer peddles lies about the dry and chewy Krakus Polish Honey Ham being both tender and juicy,' the president told reporters aboard Air Force One, explaining that he was seeking $20 billion in damages from the grocery coupon publication and its editor-in-chief for what he described as a 'shocking hoax.' 'The Safeway circular has treated me very badly. They say you can taste the homestyle difference, but you cannot, and there's no way that ham can be $8.99 per pound after I brought grocery prices to an all-time low. However, that's nothing compared to the horrendous ham prices we saw under Biden.' Trump added that he planned to launch a sales flyer of his own that would represent lunch meat without bias, spotlighting only succulent, hickory-smoked American hams.
Business Insider
4 minutes ago
- Business Insider
The Fed's latest decision is leaving open a window of opportunity that many Americans may be ignoring
The president may be hammering the Federal Reserve for not cutting rates, but there's an opportunity for consumers amid elevated borrowing costs — and it's one that many households might not be cashing in on. Fed Chair Jerome Powell confirmed what markets already suspected on Wednesday, leaving the benchmark rate unchanged, despite pressure from President Donald Trump. With no Fed meeting scheduled for August, all eyes are on the possibility of a September rate cut. But the time between now and then may be the last opportunity for consumers to take advantage of an opportunity created by elevated interest rates. A study from savings marketplace Raisin said that 84% of Americans do not actively search for better savings rates, even if they could be saving substantially by opting for a different annual percentage yield. The study found that many American households have the potential to save substantially. "The average APY on Americans' savings accounts is .58% but they could be earning upwards of 4% APY — which amounts to nearly 7x more in interest each year," the study said, adding that the difference for a household with $10,000 in savings amounts to earning $400 versus $58. Put simply, if every American household were to opt for higher-yield savings, it could lead to as much as $396 billion per year for consumers. "Rates really start to come down once we get into the fall," Shana Hennigan, chief business office at Raisin, told Business Insider. "With that backdrop, while consumers still have the opportunity, this might be the time to strike." If Powell and the central bank cut rates in September, the window to see that kind of yield on savings accounts could be closing.
