President Trump criticized Canada on Thursday via Truth Social after it backed a Palestinian statehood, saying the move will make it difficult to strike a trade deal.
“Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!,” Trump wrote.
Prior to Trump’s attack on Canada, the US president unleashed a flurry of deals on Wednesday, which included a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump’s post on Truth Social.
“South Korea will be completely OPEN TO TRADE with the United States,” the president wrote, adding “they will accept American product including Cars and Trucks, Agriculture, etc.”
Trump said that the deal also features a $350 billion investment from South Korea in the US as well as purchases of liquified natural gas and other energy products.
Deals were also expected with Thailand and Cambodia after Monday’s ceasefire.
Earlier Wednesday, the president made other moves on tariffs, including threatening a 25% tariff on goods from India and slapping massive 50% tariffs on goods from Brazil.
Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia.
“India has been a good friend, but India has charged basically more tariffs than almost any other country,” Trump said.
Trump signed several orders Wednesday too:
One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper crap and input materials.
Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
The third order targets Brazil with 50% tariffs, but exempts key US imports like orange juice and aircraft parts.
Trump reiterated he would not extend Friday’s deadline for new tariff levels to kick in. The president confirmed this week that 15% represents the new tariff “floor” for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals.
Meanwhile, the US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay.
Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday.
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 1565 updates
Trump says Canada Palestine support threatens trade deal
President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US’s neighbor.
“Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!,” Trump wrote on Truth social.
This latest move from Trump seems to contradict some of his earlier deals, including a trade agreement with the UK and Prime Minister Kier Starmer, who announced this week said it will recognize and support Palestinian statehood from September 2025.
Bloomberg News reports:
Read more here.
US sets Korea tariff rate at 15% in deal with key supplier
The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding.
President Trump announced the deal on Truth Social writing that a “full and complete trade deal” had been reached.
“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President,” Trump wrote.
“Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes.”
Bloomberg News reports:
Read more here.
Wed, July 30, 2025 at 8:58 PM UTC
Trump says US has reached trade deal with Pakistan
President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its “massive” oil reserves.
Trump wrote on Truth Social:
Pakistan’s goods faced a 29% tariff under Trump’s “Liberation Day” tariffs. Trump didn’t specify a new tariff rate.
The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India’s imports to the US, plus an additional penalty for what he said was the country’s cozy ties with Russia.
Wed, July 30, 2025 at 7:36 PM UTC
Powell on tariff-related price increases: Companies will ‘cross the street in a group’
Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the “early beginnings” of tariff inflation on goods.
“They’ll cross the street in a group,” Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs.
Powell’s comments echoed some of what we’ve heard from companies so far this earnings season.
While companies haven’t hiked prices across the board, some with businesses most exposed to President Trump’s tariffs have noted that they will raise prices to protect margins and offset higher costs.
Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a “surgical” approach amid some signs of consumer stress. And L’Oréal affirmed plans to raise prices to offset higher costs from tariffs.
Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase.
“That gave us the opportunity and the confidence to know that we could also do the same thing,” CEO Mark Sheahan said.
Read more live coverage of corporate earnings.
Wed, July 30, 2025 at 7:29 PM UTC
Trump ends tariff break for low-value goods in blow to online retailers
President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800.
Bloomberg reports:
Read more here from Bloomberg.
Wed, July 30, 2025 at 7:24 PM UTC
Trump signs order to justify 50% tariffs on Brazil
President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro.
AP reports:
Read more here.
Wed, July 30, 2025 at 6:57 PM UTC
Fed’s Powell speaks on tariff effects on inflation: ‘It doesn’t feel like we’re very close to the end’
Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank’s 2% goal.
“Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen,” Powell said in a press conference after the Federal Reserve held interest rates steady.
Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC’s meeting for the first time since 1993, as the effects of President Trump’s tariff policies have divided central banker.
“It’s been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period,” Powell continued. “But we’re still, you know, a ways away from seeing where things settle down.”
“It doesn’t feel like we’re very close to the end of that [trade negotiation] process, and that’s not for us to judge, but it feels like there’s much more to come.”
Wed, July 30, 2025 at 6:41 PM UTC
Trump administration announces 50% tariffs on some copper imports
President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1.
According to a White House fact sheet, “The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1.”
The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February.
The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure.
Read more here from Reuters.
Wed, July 30, 2025 at 6:04 PM UTC
Trump’s trade deals come with few details to flesh out big numbers
President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny.
Bloomberg reports:
Read more here.
Wed, July 30, 2025 at 3:48 PM UTC
Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance
Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook.
“I would say that we are even more optimistic now,” Hershey CEO Michele Buck said on the company’s earnings call. “As we’ve had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US.”
Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products.
“If you grow something and we don’t grow it, that can come in for zero [tariffs],” Lutnick said on CNBC’s Squawk Box on Tuesday. “So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. … Coffee and cocoa will be other examples of natural resources,” Lutnick added.
Hershey plans to raise prices, though Buck stated that the price increases “had nothing to do with tariffs.” For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs.
“We’ll continue to press on tariffs relative to the cocoa exemption,” Buck said, adding: “That’s sort of out of our control, but [we] continue to lean there.”
Wed, July 30, 2025 at 2:07 PM UTC
India-US trade talks go off rails on row over farm markets
Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US’s announcement that it will impose a 25% tariff on Indian goods starting Aug. 1.
India’s high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US.
Reuters breaks down some of the key issues in focus:
Read more here.
Wed, July 30, 2025 at 12:31 PM UTC
Trump says India will be paying a tariff of 25%
President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being “friends” they have done “little business” together.
“Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” Trump wrote on Truth Social.
The US president went on to write that India had purchased the “vast majority” of its military equipment from Russia, alongside China and because of this things are “not good.”
ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!
These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump’s Aug. 1 deadline, when trading partners would face higher tariffs.
Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025.
Wed, July 30, 2025 at 12:01 PM UTC
Trump says Aug. 1 deadline will not be extended
Two posts from Truth Social this morning:
And:
Wed, July 30, 2025 at 11:44 AM UTC
Harley-Davidson misses second-quarter profit estimates as tariffs weigh
Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump’s tariffs continued to weigh on the motorcycle maker.
Reuters reports:
Read more here.
Wed, July 30, 2025 at 11:09 AM UTC
India eyes fall deadline for US deal amid Trump threats
India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump’s Aug. 1 deadline, where trading partners will face higher tariffs.
Bloomberg News reports:
Read more here.
Wed, July 30, 2025 at 9:58 AM UTC
Luxury car brands Aston Martin and Porsche report tariff hit
President Trump’s tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China’s economic slowdown.
While Volkswagen’s (VOW3.DE, VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU’s trade deal with the US and reported a $462-million hit from tariffs in the first half.
Reuters reports:
Read more here.
Wed, July 30, 2025 at 8:17 AM UTC
Trump: India may get 20% to 25% tariff but not yet final
President Trump said India could face tariffs of 20% to 25%, but added the final rate isn’t set yet as both countries work on a trade deal before the August 1 deadline.
“I think so,” Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.
“India has been a good friend, but India has charged basically more tariffs than almost any other country,” Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. “You just can’t do that.”
The US Trade Representative Jamieson Greer said “more negotiations” are needed between the US and India in order to secure a trade deal, Greer’s statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
Tue, July 29, 2025 at 8:30 PM UTC
Brazil asks US to spare key food products, planes from tariffs
Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world’s third-largest planemaker.
More from Reuters:
Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country’s unfair treatment of its former president, who is currently on trial in the country.
Read more here.
Tue, July 29, 2025 at 7:31 PM UTC
US-China talks end without further pause, with Trump to make ‘final call’
US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world’s two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks’ time.
“We’re going to head back to Washington, D.C., and we’re going to talk to the president about whether that’s something that he wants to do,” said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden.
“The president can make a final call,” he added.
Treasury Secretary Scott Bessent added Tuesday that it was “a very fulsome two days” of talks and that another 90-day pause remains on the table with the overall tone of talks being “very constructive.”
Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday’s meeting.
Read more here.
Tue, July 29, 2025 at 3:27 PM UTC
US goods trade deficit hits nearly 2-year low as imports tumble
The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply.
Reuters reports:
Read more here.
