Switzerland is proposing that its gold industry builds a refinery in the US or increase its processing capacity there in a bid to reduce US tariffs, according to Reuters.
President Trump slapped 39% tariffs on Swiss imports last month. Christoph Wild, president of Swiss precious metals association ASFCMP, suggested the industry should explore ways to reduce the country’s trade deficit with the US.
Meanwhile, in a move some say is to appease Trump, Mexico said on Wednesday it will raise tariffs on automobiles from China and other Asian countries to 50%. The Economy Ministry said tariffs will rise on textiles, steel, cars and another goods, affecting $52 billion in imports.
Elsewhere, Trump has requested that the EU impose 100% tariffs on India and China to pressure Russia over its war in Ukraine, the Financial Times reported.
At the same time, Trump said the US and India have agreed to resume trade negotiations after weeks of back and forth over India’s purchase of Russian oil.
Also, the Supreme Court said Tuesday it would quickly review a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
The high court put the case on track for oral arguments in early November. That puts the case on an unusually quick track to resolution.
US Treasury Secretary Scott Bessent has warned in recent days that the US would have to refund around “half” the tariff revenue it has collected if the Supreme Court rules the president overstepped his authority, which has been the determination of a federal appeals court and the Court of International Trade.
Trump has suggested that the US may have to “unwind” existing trade deals, including with the European Union, Japan, and South Korea, if the Supreme Court doesn’t uphold his tariffs.
The tariffs at stake are the sweeping “reciprocal,” country-specific duties Trump has outlined in various steps this year (which you can see in the graphic below). Those duties range from 10% to 50%. Trump has used a 1977 law known as “IEEPA” — the International Emergency Economic Powers Act — to justify imposing the tariffs.
The appeals court allowed the tariffs to stay in place while the case moves through the legal process.
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 1844 updates
Trump’s tariffs could push nearly 1 million Americans into poverty: Report
A new analysis shows that 1 million Americans could be pushed into poverty as a result of President Trump’s sweeping tariffs.
CNN reports:
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Swiss add luster to Trump trade deal with gold refining plan: Report
In a bid to reduce President Trump’s tariffs, Switzerland is proposing that its gold industry builds a refinery in the US or increases its processing capacity there as part of a trade deal.
Reuters reports:
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China drugmaker stocks drop on report of potential Trump curbs
Bloomberg News reports:
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Mexico to raise tariffs on cars from China to 50% in major overhaul
Mexico has announced that it will raise tariffs on automobiles from China and other Asian countries to 50%, in a broad overhaul of import levies that the government said will help protect jobs. However, some analysts believe that this is simply a move to appease the US.
Reuters reports:
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South Korea warns US immigration raid may hit investment
Bloomberg News reports:
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Wed, September 10, 2025 at 6:47 PM UTC
Carney says major projects coming to combat trade war ‘crisis’
Canadian Prime Minister Mark Carney is planning to announce a series of projects that will aim to improve Canada’s infrastructure amid an ongoing trade war.
Bloomberg reports:
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Wed, September 10, 2025 at 6:14 PM UTC
Mexico to raise tariffs on cars from China to 50%
Mexico has raised its tariffs on cars coming out of China in a move that is being touted as a way to save jobs.
Reuters reports:
Read more from Reuters.
Wed, September 10, 2025 at 2:37 PM UTC
Synopsys falls most in 3 decades as trade war hampers sales
Synopsys Inc. (SNPS) shares fell 34% on Wednesday after the chip-design software maker warned that US export restrictions are contributing to a slowdown in China, one of the largest markets for semiconductors.
Bloomberg News reports:
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Wed, September 10, 2025 at 10:17 AM UTC
Trump, Modi agree to talk in bid to resolve trade impasse
Bloomberg News reports:
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Wed, September 10, 2025 at 7:02 AM UTC
Trump pushes EU to join in tariff discussions against Russia
President Trump has urged the EU to impose 100% tariffs on India and China to raise pressure on Russia over the war in Ukraine, the Financial Times reported.
Trump made the appeal in a call with US and EU officials in Washington on Tuesday. A US official said Washington would match any tariffs the EU imposed, adding:
“We’re ready to go, ready to go right now, but we’re only going to do this if our European partners step up with us,” one US official said.
This comes at the same time Trump posted on Truth Social that negotiations with India were “continuing” and will reach a “successful conclusion.”
Bloomberg reports:
Read more here.
Tue, September 9, 2025 at 9:02 PM UTC
Supreme Court agrees to fast-track Trump tariff case
The Supreme Court said Tuesday it would quickly review a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as November.
In an order released Tuesday, the high court put the case on track for oral arguments in early November. It sets the stage for a quick, likely final ruling on a key pillar of the president’s second-term agenda.
Trump’s “reciprocal” tariffs — the duties at issue in the case — are set to remain in place until the high court makes its decision.
Tue, September 9, 2025 at 1:00 PM UTC
‘The party is over’ as European carmakers face tariffs and a price war in China
This week is the Munich car show, Europe’s largest car event, when automakers come together and debut new releases. But with tariffs hanging over the sector the buzz and hype of years before may be gone.
Reuters reports:
Read more here.
Tue, September 9, 2025 at 12:07 PM UTC
Japan says lower US tariffs will take effect by Sept. 16
Japan’s top negotiator Ryosei Akazawa said on Tuesday that US tariffs on Japanese goods, including cars and auto parts, will be lowered by Sept. 16.
Reuters reports:
Read more here.
Tue, September 9, 2025 at 11:12 AM UTC
Vietnam exports to US, imports from China fall in August after tariffs take effect
Vietnam’s exports to the United States fell 2% from July to August to $13.94 billion, according to Vietnamese customs data on Tuesday, as a tariff of 20% on shipments to the US took effect.
Reuters reports:
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Tue, September 9, 2025 at 10:40 AM UTC
US tariffs worsen petrochemical sector challenges, executives warn
Reuters reports:
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Tue, September 9, 2025 at 8:39 AM UTC
US, South Korea in deadlock over $350 billion investment fund
South Korea’s negotiations with the US to finalize a trade deal have stalled due to concerns around details relating to a $350 billion investment fund that both sides agreed to as part of a broader trade deal.
A Seoul official has warned that even the shipbuilding partnership is at risk of they fail to reach an agreement.
Bloomberg News:
Read more here.
Mon, September 8, 2025 at 6:06 PM UTC
Lula, Xi urge BRICS unity amid Trump threats
Leaders of countries that make up the BRICS alliance have continued to decry President Trump’s tariffs and promised to fight against “unjustified and illegal trade practices.”
Bloomberg reports:
Read more from Bloomberg here.
Mon, September 8, 2025 at 4:21 PM UTC
Trump’s latest tariff shakeup exempts gold, other goods
Early Monday morning, a series of tweaks to Donald Trump’s tariff regime went into effect following an executive order released late Friday. Those adjustments mandated changes to how an array of goods are impacted by the current “reciprocal” tariff setup.
Most notably, the order excluded “bullion-related articles” from tariffs after Trump promised action last month, as fears that gold bars would be subject to duties briefly unleashed turmoil in gold markets. […]
Overall, it was a notable move on Trump’s tariff plans. That’s because this precise “reciprocal” tariff authority the president exercised over the weekend has been ruled illegal by two courts — with the Supreme Court likely to make a final decision in the weeks or months ahead.
“This EO is significant,” wrote Ted Murphy, an international trade lawyer at Sidley Austin. He said the overall message of the order is one of a move away from international rules and that “basically, the President will set (and modify) tariffs on his own initiative.”
“If tariffs can change with 3 days’ notice (over a weekend), can a company really plan ahead?” he added. “Probably not.”
Read more here.
Mon, September 8, 2025 at 12:47 PM UTC
China reviews trade law update as tariff barriers rise
China’s top legislative body said on Monday it has has started reviewing the first update in over 20 years to its foreign trade law, aiming to provide legal support for trade conflict countermeasures.
The revision would let China impose trade bans or restrictions on people or groups seen as a threat to China’s security or sovereignty, according to a report from the Xinhua news agency.
Reuters reports:
Read more here.
Mon, September 8, 2025 at 12:46 PM UTC
US weighs annual China chip supply approvals for Samsung, Hynix
The US is proposing annual approvals for chipmaking exports to Samsung (005930.KS) and SK Hynix’s (000660.KS) China factories, aiming to avoid global supply disruptions after President Trump ended Biden-era waivers.
Bloomberg News reports:
Read more here.
