Trump tariffs live updates: Trump eyes 70% tariffs, warns extra 10% for Brics 'anti-US' stance

Yahoo

17 hours ago

Time has run out for some US trade partners looking to make deals ahead of President Trump's July 9 deadline for tariffs to return to his originally proposed higher levels.
Trump said last week he would start sending out letters to countries to notify them of the tariff rates they will face on exports to the US, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.
'By the ninth they'll be fully covered,' Trump said in reference to the deadline, per Bloomberg. 'They'll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.'
On Monday, Trump warned that any country embracing the"anti-American" policies of the Brics bloc nations will face an extra 10% tariff on exports.
'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,' Trump posted on his Truth Social network late on Sunday, without elaborating.
The warning came from Trump after the Brics nations, which include Brazil, Russia, India, China and South Africa, met over the weekend. The group condemned unilateral tariffs and military attacks on Iran.
This latest warning from the Trump team comes as it struggles to seal trade deals, though it has succeeded in nailing only three pacts so far.
Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum "reciprocal" rate of 10% come next week, adding that he expects a "flurry" of deals to materialize before the deadline.
Here is where things stand with various partners:
South Korea is seeking an extension of the July 9 deadline. Bloomberg reports the country's Trade Minister Yeo Han-koo held talks on Saturday with US Trade Representative Jamieson Greer in Washington. Seoul said in a statement Sunday that Yeo proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel.
China: The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump said he had reached a trade deal with Vietnam, one that will see the country's imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of "30%, 35%, or whatever the number is that we determine." Notably, that proposal is higher than the 24% "Liberation Day" level. "They're very tough. You have to understand, they're very spoiled," he said.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc's imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.
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.
Major US trading partners scrambled over the weekend to finalize trade deals or lobby for extra time as President Donald Trump said he's notifying about a dozen countries on Monday of the new tariff level on their shipments to the US.
'I signed some letters and they'll go out on Monday – probably 12,' Trump told reporters over the Fourth of July weekend, adding that the missives involve 'different amounts of money, different amounts of tariffs and somewhat different statements.'
Asked to identify the countries, he said, 'I have to announce it on Monday.'
Trump's latest remarks suggest talks remain fluid and deals elusive, three days before the July 9 deadline announced by the US administration.
The letters initially were supposed to go out on July 4 with a tariff imposition date of Aug. 1, based on Trump's earlier comments. But US officials were busily negotiating through the holiday weekend, including with Japan, South Korea, the European Union, India and Vietnam.
Read more here
US Treasury Scott Bessent said Sunday that the Trump administration is close to securing trade agreements with several countries ahead of President Trump's self-imposed July 8 tariffs deadline, Reuters reported:
Read more here
(AP) China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union's restrictions on the sale of similar products from China.
European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country.
China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products.
Read more here
President Trump's self-imposed July 9 deadline to raise "reciprocal" tariffs on trading partners is approaching, and despite the president recently suggesting the date was not set, Bloomberg reports the world economy could stand a little more clarity from Washington about what comes next, and when.
Read more here
Data from shipping company Maersk has shown that tariff costs on imports entering the US are coming down.
FreightWaves reports:
Read more here.
Now President Trump's Big Beautiful Bill is all but wrapped up and the Israel-Iran crisis subsiding, the spotlight has turned back to tariffs and trade, placing Washington's Commerce Secretary Howard Lutnick back in the thick of it.
Bloomberg News reports:
Read more here.
The new trade deal between the US and Vietnam should act as a sign to Beijing as to where US tariffs on Chinese goods might ultimately land.
Bloomberg News reports:
Read more here.
China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.
Chinese authorities agreed to exempt some major cognac makers on condition they maintain their prices above minimum levels.
The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China's Commerce Ministry said. They are to be in place for five years and will not be applied retroactively.
Read more here
President Trump's administration plans to restrict shipments of AI chips from the likes of Nvidia (NVDA) to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China.
Bloomberg News reports:
Read more here.
The Financial Times reported Friday that the US has threatened to impose 17% tariffs on European Union agricultural exports
Read more here
Bloomberg News reports:
Read more here.
Reuters reports:
Read more here.
President Trump's tariff deadline expires next week and the race is on for trading partners to secure deals with Washington or risk facing hefty tariffs. Next week will bring a close to 90 days of volatility but leave global investors in the dark over what will happen next.
Reuters reports:
Read more here.
Thailand said it will refine its trade proposal framework as it races to secure a tariff deal with the US before the July 9 deadline next week. Thailand's Finance Minister Pichai Chunhavajir, said that the country's first ministerial-level talks went well.
Bloomberg News:
Read more here.
The Indonesian government has offered to cut duties on key imports from the US to "near zero" and are willing to buy $500 million worth of US wheat as part of tariff talks with Washington, its lead negotiator said on Friday.
Reuters reports:
Read more here.
President Trump said his administration would begin sending letters to trading partners, laying out what tariff rates they will face on imports to the US.
Countries will have to start paying the duties from Aug. 1, Trump told reporters on Thursday.
The move marks a shift from earlier US optimism that talks would deliver scores of deals with its more than 170 trading partners, under pressure to beat a July 9 tariff deadline.
The "take it or leave it" letters go out with just days to go to that deadline for resumption of sweeping tariffs laid out in April by Trump.
Bloomberg reports:
Read more here.
Bloomberg News reports:
Read more here.
The US trade deal with Vietnam should be seen as a early sign to Asian countries that higher tariffs are not going anywhere.
Bloomberg News reports:
Read more here.
Vietnam negotiators said on Thursday that they are still working with the US to finalize the details of the trade deal, which was announced by President Trump on Wednesday. No further details have been provided to businesses and investors beyond the tariff rates disclosed so far.
Bloomberg News reports:
Read more here.
Treasury Secretary Bessent has been making the rounds today, talking about the Trump tax bill and tariffs as next week's July 9 deadline looms.
Per Reuters, Bessent said around 100 countries are likely to see a "reciprocal" tariff of 10%:
Bessent also said Trump would ultimately decide whether to extend that July 9 deadline for countries negotiating "in good faith."
Major US trading partners scrambled over the weekend to finalize trade deals or lobby for extra time as President Donald Trump said he's notifying about a dozen countries on Monday of the new tariff level on their shipments to the US.
'I signed some letters and they'll go out on Monday – probably 12,' Trump told reporters over the Fourth of July weekend, adding that the missives involve 'different amounts of money, different amounts of tariffs and somewhat different statements.'
Asked to identify the countries, he said, 'I have to announce it on Monday.'
Trump's latest remarks suggest talks remain fluid and deals elusive, three days before the July 9 deadline announced by the US administration.
The letters initially were supposed to go out on July 4 with a tariff imposition date of Aug. 1, based on Trump's earlier comments. But US officials were busily negotiating through the holiday weekend, including with Japan, South Korea, the European Union, India and Vietnam.
Read more here
US Treasury Scott Bessent said Sunday that the Trump administration is close to securing trade agreements with several countries ahead of President Trump's self-imposed July 8 tariffs deadline, Reuters reported:
Read more here
(AP) China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union's restrictions on the sale of similar products from China.
European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country.
China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products.
Read more here
President Trump's self-imposed July 9 deadline to raise "reciprocal" tariffs on trading partners is approaching, and despite the president recently suggesting the date was not set, Bloomberg reports the world economy could stand a little more clarity from Washington about what comes next, and when.
Read more here
Data from shipping company Maersk has shown that tariff costs on imports entering the US are coming down.
FreightWaves reports:
Read more here.
Now President Trump's Big Beautiful Bill is all but wrapped up and the Israel-Iran crisis subsiding, the spotlight has turned back to tariffs and trade, placing Washington's Commerce Secretary Howard Lutnick back in the thick of it.
Bloomberg News reports:
Read more here.
The new trade deal between the US and Vietnam should act as a sign to Beijing as to where US tariffs on Chinese goods might ultimately land.
Bloomberg News reports:
Read more here.
China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.
Chinese authorities agreed to exempt some major cognac makers on condition they maintain their prices above minimum levels.
The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China's Commerce Ministry said. They are to be in place for five years and will not be applied retroactively.
Read more here
President Trump's administration plans to restrict shipments of AI chips from the likes of Nvidia (NVDA) to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China.
Bloomberg News reports:
Read more here.
The Financial Times reported Friday that the US has threatened to impose 17% tariffs on European Union agricultural exports
Read more here
Bloomberg News reports:
Read more here.
Reuters reports:
Read more here.
President Trump's tariff deadline expires next week and the race is on for trading partners to secure deals with Washington or risk facing hefty tariffs. Next week will bring a close to 90 days of volatility but leave global investors in the dark over what will happen next.
Reuters reports:
Read more here.
Thailand said it will refine its trade proposal framework as it races to secure a tariff deal with the US before the July 9 deadline next week. Thailand's Finance Minister Pichai Chunhavajir, said that the country's first ministerial-level talks went well.
Bloomberg News:
Read more here.
The Indonesian government has offered to cut duties on key imports from the US to "near zero" and are willing to buy $500 million worth of US wheat as part of tariff talks with Washington, its lead negotiator said on Friday.
Reuters reports:
Read more here.
President Trump said his administration would begin sending letters to trading partners, laying out what tariff rates they will face on imports to the US.
Countries will have to start paying the duties from Aug. 1, Trump told reporters on Thursday.
The move marks a shift from earlier US optimism that talks would deliver scores of deals with its more than 170 trading partners, under pressure to beat a July 9 tariff deadline.
The "take it or leave it" letters go out with just days to go to that deadline for resumption of sweeping tariffs laid out in April by Trump.
Bloomberg reports:
Read more here.
Bloomberg News reports:
Read more here.
The US trade deal with Vietnam should be seen as a early sign to Asian countries that higher tariffs are not going anywhere.
Bloomberg News reports:
Read more here.
Vietnam negotiators said on Thursday that they are still working with the US to finalize the details of the trade deal, which was announced by President Trump on Wednesday. No further details have been provided to businesses and investors beyond the tariff rates disclosed so far.
Bloomberg News reports:
Read more here.
Treasury Secretary Bessent has been making the rounds today, talking about the Trump tax bill and tariffs as next week's July 9 deadline looms.
Per Reuters, Bessent said around 100 countries are likely to see a "reciprocal" tariff of 10%:
Bessent also said Trump would ultimately decide whether to extend that July 9 deadline for countries negotiating "in good faith."