Trump tariffs live updates: India calls Trump's warning ‘unjustified' as EU clarifies 15% US tariff cap
Yahoo10 hours ago
The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines.
The Trump administration has said new tariffs won't hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to dodge duties.
Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on India exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine."
Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks.
Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.
Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below:
In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:
Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.
The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said.
Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.
The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).
The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.
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.
Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports
Yahoo Finance's Pras Subramanian reports:
Read more here.
Trump says he will 'substantially' raise tariffs on India
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
Swiss prepare 'more attractive offer' to US to avert 39% tariff
Bloomberg reports:
Read more here.
EU to suspend US tariff countermeasures for 6 months
The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.
Reuters reports:
Read more here.
Swiss gold trading takes spotlight in trade talks with Trump
President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.
Bloomberg News:
Read more here.
Greer says US-China talks 'about halfway there' on rare earths
US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there."
Bloomberg News reports:
Read more here.
Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
In addition, Swatch Group (UHRN.SW) Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States.
Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7.
Bloomberg News reports:
Read more here.
Malaysia agrees to boost tech, LNG purchases from US as part of trade deal
Reuters reports:
Read more here.
Trump presses India, China to halt Russian oil buys as trade talks roll on
The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests.
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company.
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
Japan PM: Win-win trade deal with US may be hard to implement
Bloomberg News reports:
Read more here.
Trump tariff policy leaves some partners losers but few winners
WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7.
The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies.
'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do.
Read more here.
Switzerland business minister says it could revise tariffs offer
ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.
Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk.
The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7.
"We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said.
Read more here.
Greer: Latest tariffs 'pretty much set' and unlikely to change
(Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.
Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union.
Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set."
Read more here.
Trump introduces tiers for trade partners in latest approach to tariffs
President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.
The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.
The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.
Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.
More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.
Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.
Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.
Read more here.
Berkshire's consumer goods companies feel the sting of Trump's tariffs
Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems.
Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported:
Read more here.
US has 'makings of a deal' with China, Bessent says
Treasury Secretary said on X that the US has "makings of a deal" with China.
Reuters reports:
Read more here.
Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans
Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Stocks sink after Trump's latest tariff blitz
Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.
Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.
You can check out the latest action and updates in our markets live blog.
Trump's 40% penalty for tariff dodging missing key details
President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.
The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.
Bloomberg News reports:
Read more here.
Trump unleashes massive tariffs on Swiss watches, pharma firms
Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.
From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.
The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.
But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.
Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.
"It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.
Bloomberg News reports:
Read more here.
Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports
Yahoo Finance's Pras Subramanian reports:
Read more here.
Yahoo Finance's Pras Subramanian reports:
Read more here.
Trump says he will 'substantially' raise tariffs on India
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
Swiss prepare 'more attractive offer' to US to avert 39% tariff
Bloomberg reports:
Read more here.
Bloomberg reports:
Read more here.
EU to suspend US tariff countermeasures for 6 months
The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.
Reuters reports:
Read more here.
The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.
Reuters reports:
Read more here.
Swiss gold trading takes spotlight in trade talks with Trump
President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.
Bloomberg News:
Read more here.
President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.
Bloomberg News:
Read more here.
Greer says US-China talks 'about halfway there' on rare earths
US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there."
Bloomberg News reports:
Read more here.
US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there."
Bloomberg News reports:
Read more here.
Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
In addition, Swatch Group (UHRN.SW) Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States.
Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7.
Bloomberg News reports:
Read more here.
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
In addition, Swatch Group (UHRN.SW) Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States.
Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7.
Bloomberg News reports:
Read more here.
Malaysia agrees to boost tech, LNG purchases from US as part of trade deal
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump presses India, China to halt Russian oil buys as trade talks roll on
The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests.
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company.
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests.
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company.
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
Japan PM: Win-win trade deal with US may be hard to implement
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Trump tariff policy leaves some partners losers but few winners
WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7.
The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies.
'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do.
Read more here.
WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7.
The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies.
'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do.
Read more here.
Switzerland business minister says it could revise tariffs offer
ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.
Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk.
The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7.
"We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said.
Read more here.
ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.
Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk.
The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7.
"We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said.
Read more here.
Greer: Latest tariffs 'pretty much set' and unlikely to change
(Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.
Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union.
Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set."
Read more here.
(Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.
Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union.
Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set."
Read more here.
Trump introduces tiers for trade partners in latest approach to tariffs
President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.
The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.
The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.
Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.
More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.
Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.
Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.
Read more here.
President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.
The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.
The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.
Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.
More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.
Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.
Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.
Read more here.
Berkshire's consumer goods companies feel the sting of Trump's tariffs
Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems.
Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported:
Read more here.
Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems.
Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported:
Read more here.
US has 'makings of a deal' with China, Bessent says
Treasury Secretary said on X that the US has "makings of a deal" with China.
Reuters reports:
Read more here.
Treasury Secretary said on X that the US has "makings of a deal" with China.
Reuters reports:
Read more here.
Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans
Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Stocks sink after Trump's latest tariff blitz
Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.
Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.
You can check out the latest action and updates in our markets live blog.
Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.
Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.
You can check out the latest action and updates in our markets live blog.
Trump's 40% penalty for tariff dodging missing key details
President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.
The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.
Bloomberg News reports:
Read more here.
President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.
The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.
Bloomberg News reports:
Read more here.
Trump unleashes massive tariffs on Swiss watches, pharma firms
Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.
From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.
The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.
But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.
Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.
"It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.
Bloomberg News reports:
Read more here.
Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.
From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.
The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.
But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.
Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.
"It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.
Bloomberg News reports:
Read more here.
The Trump administration has said new tariffs won't hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to dodge duties.
Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on India exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine."
Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks.
Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.
Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below:
In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:
Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.
The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said.
Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.
The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).
The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.
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.
Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports
Yahoo Finance's Pras Subramanian reports:
Read more here.
Trump says he will 'substantially' raise tariffs on India
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
Swiss prepare 'more attractive offer' to US to avert 39% tariff
Bloomberg reports:
Read more here.
EU to suspend US tariff countermeasures for 6 months
The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.
Reuters reports:
Read more here.
Swiss gold trading takes spotlight in trade talks with Trump
President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.
Bloomberg News:
Read more here.
Greer says US-China talks 'about halfway there' on rare earths
US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there."
Bloomberg News reports:
Read more here.
Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
In addition, Swatch Group (UHRN.SW) Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States.
Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7.
Bloomberg News reports:
Read more here.
Malaysia agrees to boost tech, LNG purchases from US as part of trade deal
Reuters reports:
Read more here.
Trump presses India, China to halt Russian oil buys as trade talks roll on
The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests.
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company.
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
Japan PM: Win-win trade deal with US may be hard to implement
Bloomberg News reports:
Read more here.
Trump tariff policy leaves some partners losers but few winners
WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7.
The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies.
'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do.
Read more here.
Switzerland business minister says it could revise tariffs offer
ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.
Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk.
The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7.
"We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said.
Read more here.
Greer: Latest tariffs 'pretty much set' and unlikely to change
(Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.
Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union.
Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set."
Read more here.
Trump introduces tiers for trade partners in latest approach to tariffs
President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.
The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.
The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.
Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.
More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.
Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.
Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.
Read more here.
Berkshire's consumer goods companies feel the sting of Trump's tariffs
Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems.
Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported:
Read more here.
US has 'makings of a deal' with China, Bessent says
Treasury Secretary said on X that the US has "makings of a deal" with China.
Reuters reports:
Read more here.
Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans
Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Stocks sink after Trump's latest tariff blitz
Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.
Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.
You can check out the latest action and updates in our markets live blog.
Trump's 40% penalty for tariff dodging missing key details
President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.
The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.
Bloomberg News reports:
Read more here.
Trump unleashes massive tariffs on Swiss watches, pharma firms
Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.
From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.
The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.
But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.
Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.
"It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.
Bloomberg News reports:
Read more here.
Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports
Yahoo Finance's Pras Subramanian reports:
Read more here.
Yahoo Finance's Pras Subramanian reports:
Read more here.
Trump says he will 'substantially' raise tariffs on India
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
Swiss prepare 'more attractive offer' to US to avert 39% tariff
Bloomberg reports:
Read more here.
Bloomberg reports:
Read more here.
EU to suspend US tariff countermeasures for 6 months
The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.
Reuters reports:
Read more here.
The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.
Reuters reports:
Read more here.
Swiss gold trading takes spotlight in trade talks with Trump
President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.
Bloomberg News:
Read more here.
President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.
Bloomberg News:
Read more here.
Greer says US-China talks 'about halfway there' on rare earths
US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there."
Bloomberg News reports:
Read more here.
US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there."
Bloomberg News reports:
Read more here.
Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
In addition, Swatch Group (UHRN.SW) Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States.
Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7.
Bloomberg News reports:
Read more here.
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
In addition, Swatch Group (UHRN.SW) Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States.
Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7.
Bloomberg News reports:
Read more here.
Malaysia agrees to boost tech, LNG purchases from US as part of trade deal
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump presses India, China to halt Russian oil buys as trade talks roll on
The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests.
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company.
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests.
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company.
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
Japan PM: Win-win trade deal with US may be hard to implement
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Trump tariff policy leaves some partners losers but few winners
WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7.
The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies.
'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do.
Read more here.
WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7.
The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies.
'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do.
Read more here.
Switzerland business minister says it could revise tariffs offer
ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.
Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk.
The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7.
"We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said.
Read more here.
ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.
Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk.
The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7.
"We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said.
Read more here.
Greer: Latest tariffs 'pretty much set' and unlikely to change
(Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.
Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union.
Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set."
Read more here.
(Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.
Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union.
Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set."
Read more here.
Trump introduces tiers for trade partners in latest approach to tariffs
President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.
The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.
The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.
Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.
More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.
Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.
Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.
Read more here.
President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.
The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.
The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.
Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.
More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.
Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.
Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.
Read more here.
Berkshire's consumer goods companies feel the sting of Trump's tariffs
Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems.
Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported:
Read more here.
Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems.
Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported:
Read more here.
US has 'makings of a deal' with China, Bessent says
Treasury Secretary said on X that the US has "makings of a deal" with China.
Reuters reports:
Read more here.
Treasury Secretary said on X that the US has "makings of a deal" with China.
Reuters reports:
Read more here.
Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans
Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Stocks sink after Trump's latest tariff blitz
Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.
Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.
You can check out the latest action and updates in our markets live blog.
Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.
Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.
You can check out the latest action and updates in our markets live blog.
Trump's 40% penalty for tariff dodging missing key details
President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.
The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.
Bloomberg News reports:
Read more here.
President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.
The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.
Bloomberg News reports:
Read more here.
Trump unleashes massive tariffs on Swiss watches, pharma firms
Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.
From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.
The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.
But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.
Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.
"It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.
Bloomberg News reports:
Read more here.
Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.
From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.
The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.
But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.
Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.
"It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.
Bloomberg News reports:
Read more here.
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Eli Lilly stock drops after Trump unleashes 250% pharma tariff warning
Aug 5 - Eli Lilly (NYSE:LLY) saw its stock dip on Tuesday after President Donald Trump amped up threats to impose massive tariffs on pharmaceutical imports. In an interview with CNBC, Trump floated the possibility of slapping a 250% duty on foreign-made drugs, his steepest proposed rate yet. He plans to start with a small tariff but warned it could rise significantly within 18 months. Trump's goal is to push drugmakers to bring more manufacturing back to the U.S. Amid this pressure, Eli Lilly has already pledged $27 billion to build four new production sites across the country. Warning! GuruFocus has detected 4 Warning Signs with JOBY. Still, that commitment hasn't satisfied Trump, who recently sent letters to 17 pharma companies demanding they cut drug prices by September 29. The mere threat of triple-digit tariffs has rattled the sector. Investors worry that such duties could spike costs for American consumers while squeezing margins for global drugmakers. Analysts say Trump's trade tactics remain unpredictable, but the market isn't taking chances, LLY and other pharma names are already trending lower. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22 minutes ago
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PLTR: Wedbush Sees Palantir Hitting $200 as AI Momentum Turns Explosive
Aug 5 - Palantir Technologies (NASDAQ:PLTR) just delivered another standout quarter, beating expectations on both revenue and outlook. The company's surging momentum in AI continues to impress, and analysts are taking notice. Wedbush reiterated its Outperform rating on the stock and lifted its price target from $160 to $200, citing explosive demand for Palantir's AI products. Warning! GuruFocus has detected 7 Warning Signs with WBD. Leading the charge is Palantir's Artificial Intelligence Platform (AIP), which has seen massive traction, especially in the U.S. commercial segment. That division posted 93% year-over-year growth and now accounts for over 30% of total revenue. Notably, U.S. Commercial Total Contract Value surged 222% to $843 million, while overall contract value climbed 141% to $2.79 billion. Wedbush analysts, led by Daniel Ives, believe Palantir is positioned to become a trillion-dollar company as it evolves into the next Oracle (ORCL) of the AI era. With faster deal cycles and expanding enterprise demand, Palantir looks well-prepared to ride the AI revolution long-term. As AI adoption accelerates, Palantir continues gaining enterprise trust with its robust solutions, and Wall Street is clearly bullish on where this momentum leads. This article first appeared on GuruFocus.
Yahoo
22 minutes ago
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Ghislaine Maxwell doesn't want grand jury transcripts released, say lawyers
Jeffrey Epstein's former girlfriend Ghislaine Maxwell wants to keep grand jury records secret in the sex trafficking case that sent her to prison, her lawyers have said. It comes as prosecutors in the US urge a court to release some of those records in the criminal case-turned-political fireball. Maxwell has not seen the material herself, her lawyers said — the grand jury process is conducted behind closed doors. But she opposes unsealing what her lawyers described as potentially 'hearsay-laden' transcripts of grand jury evidence, which was given in secret and without her lawyers there to challenge it. 'Whatever interest the public may have in Epstein, that interest cannot justify a broad intrusion into grand jury secrecy in a case where the defendant is alive, her legal options are viable and her due process rights remain,' lawyers David O Markus and Melissa Madrigal wrote. A message seeking comment from prosecutors was not immediately returned. US government lawyers have been trying to quell a clamour for transparency by seeking the transcripts' release — although the government also says the public already knows much of what is in the documents. Most of the information 'was made publicly available at trial or has otherwise been publicly reported through the public statements of victims and witnesses,' prosecutors wrote in court papers on Monday. They noted that the disclosures excluded some victims' and witnesses' names. Prosecutors had also said last week that some of what the grand jurors heard eventually came out at Maxwell's 2021 trial and in various victims' legal cases. There were only two grand jury witnesses, both of them law enforcement officials, prosecutors said. Prosecutors made clear on Monday that they are seeking to unseal only the transcripts of grand jury witnesses' evidence, not the exhibits that accompanied it. But they are also working to parse how much of the exhibits also became public record over the years. While prosecutors have sought to temper expectations about any new revelations from the grand jury proceedings, they are not proposing to release a cache of other information the government collected while looking into Epstein. The filing aimed to support their request to release the usually secret records amid a public clamour for more transparency about the investigation into Epstein, six years after the financier died in prison. Maxwell, his former girlfriend, was later convicted of helping him prey on underage girls. The transcript face-off comes six years after authorities said Epstein killed himself while awaiting trial on sex trafficking charges and four years after Maxwell was convicted. Some of US President Donald Trump's allies spent years suggesting there was more to the Epstein saga than met the eye and calling for more disclosures. A few got powerful positions in Mr Trump's Justice Department — and then faced backlash after it abruptly announced that nothing more would be released and that a long-rumoured Epstein 'client list' does not exist. After trying unsuccessfully to change the subject and denigrating his own supporters for staying interested in Epstein, the Republican president told Attorney General Pam Bondi to ask courts to unseal the grand jury transcripts in the case.
