The US and China face an Aug. 12 deadline to extconclude their tariff pautilize as Trump amps up threats of higher duties, citing China’s purchase of Russian oil.
China defconcludeed its Russian oil purchases, with the the Chinese Foreign Minisattempt declareing Friday that it is “legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia.”
Trump is reportedly nearing a face-to-face meeting with Russian President Vladimir Putin, but he has amped up threats on countries purchaseing oil from Russia as he seeks an conclude to the war in Ukraine. This week, Trump doubled tariffs on India, citing its oil purchases.
Meanwhile, Trump is preparing for a ruling in a court case that will rule on his authority to impose many of his sweeping tariffs. On Friday, he argued that if an appeals court rules against him in the most-watched of several legal battles against his tariffs, it would have devastating economic consequences.
“It would be 1929 all over again, a GREAT DEPRESSION,” he warned.
Trump’s sweeping “reciprocal” tariffs hit US trade partners on Thursday — they are most at risk in the legal challenges.
You can see the new rates in the graphic below:
Meanwhile, during a recent White Houtilize event with Apple (AAPL) CEO Tim Cook, he suggested he would impose a tariff of 100% on chips and semiconductors, but hinted at a carveout for companies who build in the US.
Trump has unleashed a flurry of deals and trade relocates in recent weeks:
Trump granted Mexico, the US’s largest trading partner, a 90-day reprieve on higher tariffs.
Trump hiked tariffs on Canadian imports to 35%, though goods contained in the US-Mexico-Canada agreement are exempt, keeping this hike’s impact limited so far.
The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the counattempt.
The president signed an order to conclude the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
Trump imposed a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts.
Here are the latest updates as the policy reverberates around the world.
LIVE1646 updates
The US has slapped a 39% tariff on Switzerland. Here’s how the nereceivediations unfolded.
Bloomberg took a deep dive viewing at how the tariff nereceivediations between the Trump administration and Switzerland launched with promise, but eventually led to the US slapping a devastating 39% levy on the counattempt:
Carney is patching up ties with Mexico in face of Trump threats
Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives.
Swiss plane buildr Pilatus halts business jet deliveries to US over tariffs
Swiss aircraft manufacturer Pilatus stated it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland.
“The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus,” the privately held company stated.
China defconcludes purchaseing Russian oil after Trump’s tariff threat
China defconcludeed its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for purchaseing energy from Moscow.
Trump warned both China and India this week and stated he would impose higher tariffs on the nations if they didn’t stop purchaseing oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%.
Gold bar tariff surprise gives new blow to Switzerland
The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The relocate threatens trade from Switzerland and other major refining centers.
US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier indusattempt expectations.
Japan declares US confirms car levy cuts and conclude to stacking
The US has confirmed it would conclude stacking of universal tariffs on Japan and cut car levies, according to Tokyo’s trade nereceivediator Ryosei Akazawa.
Bloomberg News reports:
His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month.
The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and stated Washington would refund any overpaid levies, he stated. No time frame was agreed for the implementation, Akazawa stated after the meetings.
There has so far been no official comment on the latest meetings from the US side.
India’s state refiners pautilize Russia oil purchases as US adds pressure
India’s state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump stated this week he will apply a 50% tariff on India due to its Russian oil purchases, 25% of that kicks in today.
Bloomberg News reports:
Companies including Indian Oil Corp. (IOC.NS), Bharat Petroleum Corp. (BPCL.NS) and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming purchaseing cycle, until there’s clear government guidance, stated the people, who inquireed not to be identified as they aren’t authorized to speak publicly. That will affect purchaseing of the Russia’s Urals cargoes for October-loading, they added.
The global oil market has zeroed in on India’s crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the counattempt’s refiners taking Russian crude. The escalation — which hasn’t yet been matched by similar action against China, another major purchaseer — is meant to pressure on Moscow to conclude the war in Ukraine.
Trump declares billions of dollars will now ‘flow’ into the US due to tariffs
President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote.
Trump wrote that this money will come from countries he claims has taken advantaged of the US for years.
.”RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA.”
Trump’s sweeping “reciprocal” tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.
Now the world waits to see how these new tariffs will affect the global economy.
Toyota warns of $9.5B tariff hit, slashes annual profit forecast
Japan’s Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after declareing it expected a nearly $10 billion hit from President Trump’s tariffs on cars imported into the US.
Trump vs Modi: India hits back at US for 50% tariff
India’s Prime Minister Narconcludera Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian counattempt.
Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India’s purchase of Russian oil.
TSMC hits record; Taiwan declares tech giant exempt from US tariffs
Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US.
Trump declares he plans to set tariffs on computer chips at 100%
President Trump stated on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff.
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