Trump is reportedly nearing a face-to-face meeting with Russian President Vladimir Putin, but he has amped up threats on countries buying oil from Russia as he seeks an end to the war in Ukraine. This week, Trump doubled tariffs on India, citing its oil purchases.<\/p>\n
Trump is also preparing for a ruling in a court case that will decide on his authority to impose many of his sweeping tariffs. On Friday, he argued<\/a> 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.<\/p>\n “It would be 1929 all over again, a GREAT DEPRESSION,” he warned.<\/p>\n Trump’s sweeping “reciprocal” tariffs hit<\/a> US trade partners on Thursday \u2014 they are most at risk in the legal challenges.<\/p>\n Switzerland, for its part, is wondering how it went from promising trade conversations with Washington to having a tariff of 39% levied against it as the final outcome. Bloomberg has a behind-the-scenes look<\/a> at how the negotiations fell apart.<\/p>\n You can see the new rates in the graphic below:<\/p>\n Meanwhile, during a recent White House event with Apple (AAPL<\/a>) 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.<\/p>\n Trump has unleashed a flurry of deals<\/a> and trade moves in recent weeks:<\/p>\n Trump granted Mexico, the US’s largest trading partner, a 90-day reprieve on higher tariffs.<\/p>\n 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.<\/p>\n The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country.<\/p>\n The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.<\/p>\n Trump imposed a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts.<\/p>\n The US and EU agreed to a trade deal<\/a> that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal<\/a>.<\/p>\n Read more: What Trump’s tariffs mean for the economy and your wallet<\/a><\/p>\n Story Continues <\/p>\n Here are the latest updates as the policy reverberates around the world.<\/p>\n LIVE 1649 updates Sun, August 10, 2025 at 11:00 PM UTC Commentary: Tariffs are denting profits, and maybe soon your portfolio <\/p>\n With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way.<\/p>\n Yahoo Finance’s Rick Newman<\/a> reports:<\/p>\n Read more here.<\/a><\/p>\n Sun, August 10, 2025 at 8:48 PM UTC A 240-year-old Swiss watchmaker’s race to beat Trump’s tariff deadline <\/p>\n It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump’s surprise 39% tariff rate on Switzerland went into effect on Thursday.<\/p>\n It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland’s watch exports. As of April, goods from the country faced a much lower 10% tariff rate.<\/p>\n Reuters reports:<\/p>\n Read more here.<\/a><\/p>\n Sun, August 10, 2025 at 7:23 PM UTC Tariffs are starting to squeeze farmers’ profits <\/p>\n President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump’s tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits.<\/p>\n Bloomberg reports:<\/p>\n Read more here.<\/a><\/p>\n Sat, August 9, 2025 at 4:49 PM UTC The US has slapped a 39% tariff on Switzerland, leaving the country’s leaders reeling <\/p>\n Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country:<\/p>\n Read more here.<\/a><\/p>\n Fri, August 8, 2025 at 5:35 PM UTC Trump says US court ruling against tariff authority ‘would be 1929 all over again’ <\/p>\n Yahoo Finance’s Alexis Keenan<\/a> reports:<\/p>\n Read more here.<\/a><\/p>\n 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.<\/p>\n Bloomberg reports:<\/p>\n Read more from Bloomberg here. <\/a><\/p>\n Fri, August 8, 2025 at 3:57 PM UTC Swiss plane maker Pilatus halts business jet deliveries to US over tariffs <\/p>\n Swiss aircraft manufacturer Pilatus said 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.<\/p>\n “The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus,” the privately held company said.<\/p>\n From Reuters:<\/p>\n Read more here.<\/a><\/p>\n Under Armour (UA<\/a>) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates.<\/p>\n The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty.<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow.<\/p>\n Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn’t stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers.<\/p>\n US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations.<\/p>\n The Financial Times<\/a> first reported this change.<\/p>\n Bloomberg reports:<\/p>\n Read more here. <\/a><\/p>\n The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo\u2019s trade negotiator Ryosei Akazawa.<\/p>\n Bloomberg News reports:<\/p>\n 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.<\/p>\n The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings.<\/p>\n There has so far been no official comment on the latest meetings from the US side.<\/p>\n Read more here. <\/a><\/p>\n Thu, August 7, 2025 at 1:32 PM UTC Germany’s auto association says EU-US trade deal must take effect now US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect.<\/p>\n Reuters reports:<\/p>\n Read more here.<\/a><\/p>\n India’s state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today.<\/p>\n Bloomberg News reports:<\/p>\n Companies including Indian Oil Corp. (IOC.NS<\/a>), Bharat Petroleum Corp. (BPCL.NS<\/a>) and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there\u2019s clear government guidance, said the people, who asked not to be identified as they aren\u2019t authorized to speak publicly. That will affect buying of the Russia\u2019s Urals cargoes for October-loading, they added.<\/p>\n The global oil market has zeroed in on India\u2019s crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country\u2019s refiners taking Russian crude. The escalation \u2014 which hasn\u2019t yet been matched by similar action against China, another major buyer \u2014 is meant to pressure on Moscow to end the war in Ukraine.<\/p>\n Read more here. <\/a><\/p>\n Swiss political figures are calling on FIFA’s head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs.<\/p>\n The FT reports:<\/p>\n Read more here. <\/a><\/p>\n Apple (AAPL<\/a>) CEO Time Cook is trying to stay in President Trump’s good graces, but the tactics he’s using are far from new.<\/p>\n Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n Bloomberg News reports:<\/a><\/p>\n Read more here. <\/a><\/p>\n 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.<\/p>\n “IT\u2019S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote.<\/a><\/p>\n Trump wrote that this money will come from countries he claims has taken advantaged of the US for years.<\/p>\n .”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.”<\/a><\/p>\n Trump’s sweeping “reciprocal” tariffs hit<\/a> US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.<\/p>\n Now the world waits to see how these new tariffs will affect the global economy.<\/p>\n Japan’s Toyota Motor (TM<\/a>) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump’s tariffs on cars imported into the US.<\/p>\n Reuters reports;<\/p>\n Fri, August 8, 2025 at 4:11 PM UTC Carney is patching up ties with Mexico in face of Trump threats <\/p>\n
Fri, August 8, 2025 at 11:35 AM UTC Under Armour forecasts downbeat quarterly sales, shares drop <\/p>\n
Fri, August 8, 2025 at 10:57 AM UTC China defends buying Russian oil after Trump\u2019s tariff threat <\/p>\n
Fri, August 8, 2025 at 10:23 AM UTC Gold bar tariff surprise gives new blow to Switzerland <\/p>\n
Fri, August 8, 2025 at 10:18 AM UTC Japan says US confirms car levy cuts and end to stacking <\/p>\n
Thu, August 7, 2025 at 1:32 PM UTC US expects $50B a month in tariff revenues, Lutnick says <\/p>\n
Thu, August 7, 2025 at 12:19 PM UTC India\u2019s state refiners pause Russia oil buys as US adds pressure <\/p>\n
Thu, August 7, 2025 at 11:00 AM UTC When soccer and tariffs collide <\/p>\n
Thu, August 7, 2025 at 10:05 AM UTC Apple expands 18-year-old iPhone glass deal in bid to avoid Trump tariffs <\/p>\n
Thu, August 7, 2025 at 9:30 AM UTC Confusion over tariff stacking hampers Japan\u2019s bid to pin down US trade deal <\/p>\n
Thu, August 7, 2025 at 9:24 AM UTC Trump says billions of dollars will now ‘flow’ into the US due to tariffs <\/p>\n
Thu, August 7, 2025 at 9:20 AM UTC Toyota warns of $9.5B tariff hit, slashes annual profit forecast <\/p>\n