President Trump said he would unveil tariffs on semiconductor imports over the next couple of weeks as he prepares to expand his tariff agenda to different sectors.
“I’ll be setting tariffs next week and the week after on … chips — chips and semiconductors,” he told reporters Friday.
Trump has already suggested he could set tariffs on chip imports around 100%. On Friday, he floated an even bigger number. “I’m going to have a rate that is going to be 200%, 300%,” he said.
The president has also promised duties on pharmaceutical imports in the near future.
Meanwhile, tariffs are starting to show up in economic data for the first time in a significant way. Wholesale inflation surged in July, rising by its fastest pace in around three years and stunning market observers.
So far, inflation data has shown little impact since Trump began 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 showed that tariffs have brought in billions in revenue, though economists say a portion of that is already coming in the form of price increases on consumers.
On the negotiations front, Trump signed an executive order extending the tariff truce between the US and China for another 90 days, pushing trade negotiations 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 negotiations 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 pending 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.
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.
LIVE 1683 updates
Consumers’ inflation expectations rise amid Trump tariffs
Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump’s trade policies.
Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan’s survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July.
“Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,” Joanne Hsu, the university’s Surveys of Consumers director, wrote. “However, consumers continue to expect both inflation and unemployment to deteriorate in the future.”
Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan’s Consumer Sentiment Index fell to 58.6 from 61.7 a month ago.
Read more here.
US import prices rebound in July on higher consumer goods costs
US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs.
Reuters reports:
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Trump says semiconductor tariffs could reach 300%
President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%.
From Bloomberg:
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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 maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks.
Reuters reports:
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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 house 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 extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May.
AP reports:
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Taiwan lifts 2025 growth forecast, defying US tariff worries
Bloomberg News reports:
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Thu, August 14, 2025 at 6:01 PM UTC
These tariffs are bananas
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 Budget 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!
Thu, August 14, 2025 at 11:34 AM UTC
Tapestry forecasts annual profit below estimates on tariff pain
Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins.
Reuters reports:
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Thu, August 14, 2025 at 10:44 AM UTC
Tariff confusion drives record volume at Los Angeles Port
(Bloomberg) — The Port of Los Angeles said 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 country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said 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.
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Wed, August 13, 2025 at 8:07 PM UTC
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 industry could reach as much as 250%.
Reuters reports:
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Wed, August 13, 2025 at 7:31 PM UTC
Brazil’s Lula announces $5.5 billion in credits for exporters hit by US tariffs
Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs .
Associated Press reports:
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Wed, August 13, 2025 at 1:52 PM UTC
Swiss say tariffs could raise costs for US F-35A jets
The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs.
Reuters reports:
Read more from Reuters here.
Wed, August 13, 2025 at 11:17 AM UTC
AI boom could help manufacturers adapt to global tariff landscape
Mark Bendeich 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.”
Read more here.
Wed, August 13, 2025 at 11:00 AM UTC
GE Appliances to invest over $3B in US, moving from China and Mexico
GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states.
AP News reports:
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Wed, August 13, 2025 at 10:55 AM UTC
Bessent dismisses China investing in US as part of a trade deal
Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal.
When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no.
Bloomberg News reports:
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Tue, August 12, 2025 at 7:24 PM UTC
Tariffs bring in record $27.7 billion in July as Trump calls haul ‘incredible for our country’
Yahoo Finance’s Brett LoGiurato and Ben Werschkul report:
Tue, August 12, 2025 at 5:00 PM UTC
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.
Bloomberg News reports:
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Tue, August 12, 2025 at 2:30 PM UTC
Soybean futures fall after Trump extends 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.
Bloomberg News reports:
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Tue, August 12, 2025 at 12:22 PM UTC
European Union awaits US follow-up on trade deal promises
BRUSSELS (Reuters) – The European Union could not say when a joint statement on tariffs with the United States would be ready, nor when the White House would issue an executive order on European car import duties, a spokesperson said on Tuesday.
The EU and U.S. reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said 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 said.
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Tue, August 12, 2025 at 12:14 PM UTC
‘Climate of uncertainty’ remains after China-US trade extension
Zhou Mi, an expert at the Ministry of Commerce-backed Chinese Academy of International Trade and Economic Cooperation, told Bloomberg that there remains a “climate of uncertainty” despite the latest 90-day pause on additional tariffs enacted by the US on Monday.
The Trump administration “frequently sends out a range of signals, often through its negotiation tactics and public statements — some of which even contradict each other,” Zhou told Bloomberg.
“This creates a climate of uncertainty that makes businesses and markets increasingly concerned about the stability and outlook 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%.
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