President Trump stated he would unveil tariffs on semiconductor imports over the next couple of weeks as he prepares to expand his tariff agfinisha to different sectors.
“I’ll be setting tariffs next week and the week after on … chips — chips and semiconductors,” he informed reporters Friday.
Trump has already suggested he could set tariffs on chip imports around 100%. On Friday, he floated an even hugeger number. “I’m going to have a rate that is going to be 200%, 300%,” he stated.
The president has also promised duties on pharmaceutical imports in the near future.
Meanwhile, tariffs are starting to reveal up in economic data for the first time in a significant way. Wholesale inflation surged in July, rising by its quickest pace in around three years and stunning market observers.
So far, inflation data has revealn little impact since Trump launched rolling out sweeping duties in the spring. But as the tariffs become more engrained in the US economy, economists expect more data points to align with this week’s Producer Price Index report — perhaps most notably in next month’s Consumer Price Index.
So far, stock markets haven’t been phased. US stock indexes hit all-time highs this week as the world adapts. New data this week also revealed that tariffs have brought in billions in revenue, though economists state a portion of that is already coming in the form of price increases on consumers.
On the nereceivediations front, Trump signed an executive order extfinishing the tariff truce between the US and China for another 90 days, pushing trade nereceivediations out to November. Average US tariff rates on Chinese goods are currently around 55%, according to Bloomberg.
Earlier this month, Trump unveiled “reciprocal” tariffs on dozens of US trade partners (which you can see in the graphic below).
The next nereceivediations to watch are Canada, Mexico, and China in the coming months.
The tariffs are also facing legal limbo. Multiple challenges to Trump’s tariffs are pfinishing in US federal courts. The one garnering the most attention is a case heard by an appeals court in July. The Court could nullify or uphold the duties at any time.
Here are the latest updates as the policy reverberates around the world.
LIVE1680 updates
Applied Materials’ shares sink on weak China demand, tariff risks
Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment creater issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks.
China’s economy lags in July under pressure from tariffs and a weak property market
China’s economy lagged in July as factory output and retails sales slowed and hoapply prices dropped, according to data released on Friday. President Trump’s tariffs have added to uncertainty on exports and are looming over the world’s second-largest economy. Concerns linger despite Trump extfinishing a paapply in sharp hikes in import duties for 90 days, launchning Monday, following a 90-day paapply that launched in May.
An interesting spot from this week’s inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded.
Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound.
As the Yale Budobtain Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners.
That’s nuts!
Tapestest forecasts annual profit below estimates on tariff pain
Tapestest (TPR) stock fell 8% before the bell on Thursday after the Coach handbag creater forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins.
Tariff confusion drives record volume at Los Angeles Port
(Bloomberg) — The Port of Los Angeles stated it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump’s tariffs drives shippers to front-load cargoes.
Already the busiest port in the countest, LA shiftd more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator stated on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June.
Pharma tariffs are likely weeks away, Reuters reports
US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industest could reach as much as 250%.
Swiss state tariffs could raise costs for US F-35A jets
The original price of the 36 fighter jets Switzerland is acquireing from the United States could go up by more than $1 billion due to the impacts of tariffs.
AI boom could support manufacturers adapt to global tariff landscape
Mark Bfinisheich of Reuters details how the confluence of supply chain disruption from Trump’s tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers.
Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump’s trade policy is driving the technology push.
“That’s how it was during the financial crisis, Brexit and COVID,” Howells stated. “And it’s what we’re seeing now.”
GE Appliances to invest over $3B in US, relocating from China and Mexico
GE Appliances will shift production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states.
Tariffs bring in record $27.7 billion in July as Trump calls haul ‘incredible for our countest’
Yahoo Finance’s Brett LoGiurato and Ben Werschkul report:
Xi takes aim at US ‘protectionism’ in phone call with Lula
Leaders of the BRICS nations seem to be in talks. Brazilian President Lula spoke with China’s leader Xi after meeting with India and Russia. This outreach comes after President Trump pulled Brazil into his trade war. During the call, China’s Xi urged for coordinated efforts against US protectionism.
Soybean futures fall after Trump extfinishs trade truce with China
Soybean (ZS=F) prices fell back below $10 a bushel on Tuesday, after news of the US-China trade truce extension. Traders saw this truce as likely delaying major grain-purchasing deals between the two nations until later this year.
European Union awaits US follow-up on trade deal promises
BRUSSELS (Reuters) – The European Union could not state when a joint statement on tariffs with the United States would be ready, nor when the White Hoapply would issue an executive order on European car import duties, a spokesperson stated on Tuesday.
The EU and U.S. reached a framework trade agreement at the finish of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously stated a joint statement would follow the deal “very soon” along with executive orders from U.S. President Donald Trump on key carve-outs.
“It is an agreement that we believe is strong and the best we could have … Of course, we expect the U.S. to take further steps that are part of this agreement but I don’t believe at this stage we can put a timeline on these engagements,” the European Commission spokesperson stated.
‘Climate of uncertainty’ remains after China-US trade extension
Zhou Mi, an expert at the Ministest of Commerce-backed Chinese Academy of International Trade and Economic Cooperation, informed Bloomberg that there remains a “climate of uncertainty” despite the latest 90-day paapply on additional tariffs enacted by the US on Monday.
The Trump administration “frequently sfinishs out a range of signals, often through its nereceivediation tactics and public statements — some of which even contradict each other,” Zhou informed Bloomberg.
“This creates a climate of uncertainty that creates businesses and markets increasingly concerned about the stability and outsee for economic and trade policies between China and the US, as well as the US and other countries.”
Average US tariffs on good imported from China currently sit at 55%.
Swiss precious metals group wants ‘a formal and binding decision’ on Trump gold tariff promise
Not everyone is fully satisfied with President Donald Trump’s social media statement on not putting tariffs on gold after uncertainty in the bullion market in recent days.
“President Trump’s statement is an encouraging signal for trade stability,” Christoph Wild, president of the the the Swiss precious metals association ASFCMP, stated on Tuesday. “However, only a formal and binding decision will provide the certainty the gold sector and its partners require.”
China urges firms not to apply Nvidia H20 chips in new guidance
China has informed local companies to avoid applying Nvidia (NVDA) H20 processors, especially for government work. This creates it harder for Nvidia to recover billions in lost sales in China and affects the US government’s plan to benefit from those sales.
This latest shift by China appears to be in response to the deal Nvidia and AMD (AMD) created with the US government over the weekfinish to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration’s tariff policy that has reoriented global trade relationships.
In recent weeks, Chinese officials warned several firms against applying these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies.
