The US and China face an Aug. 12 deadline to extend their tariff pause as Trump amps up threats of higher duties, citing China’s purchase of Russian oil.
China defended its Russian oil buys, with the the Chinese Foreign Ministry saying 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 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.
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 House 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 moves 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 country.
The president signed an order to end 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.
The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.
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 1645 updates
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 move 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 industry expectations.
The Financial Times first reported this change.
Bloomberg reports:
Read more here.
Fri, August 8, 2025 at 5:35 PM UTC
Trump says US court ruling against tariff authority ‘would be 1929 all over again’
Yahoo Finance’s Alexis Keenan reports:
Read more here.
Fri, August 8, 2025 at 4:11 PM UTC
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.
Bloomberg reports:
Read more from Bloomberg here.
Fri, August 8, 2025 at 3:57 PM UTC
Swiss plane maker Pilatus halts business jet deliveries to US over tariffs
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.
“The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus,” the privately held company said.
From Reuters:
Read more here.
Fri, August 8, 2025 at 11:35 AM UTC
Under Armour forecasts downbeat quarterly sales, shares drop
Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates.
The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty.
Reuters reports:
Read more here.
Fri, August 8, 2025 at 10:57 AM UTC
China defends buying Russian oil after Trump’s tariff threat
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.
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%.
Bloomberg News reports:
Read more here.
Fri, August 8, 2025 at 10:18 AM UTC
Japan says US confirms car levy cuts and end to stacking
The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo’s trade negotiator 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 said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings.
There has so far been no official comment on the latest meetings from the US side.
Read more here.
Thu, August 7, 2025 at 1:32 PM UTC
Germany’s auto association says EU-US trade deal must take effect now
Thu, August 7, 2025 at 1:32 PM UTC
US expects $50B a month in tariff revenues, Lutnick says
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.
Reuters reports:
Read more here.
Thu, August 7, 2025 at 12:19 PM UTC
India’s state refiners pause Russia oil buys 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 said this week he will apply a 50% tariff on India due to its Russian oil buys, 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 buying cycle, until there’s clear government guidance, said the people, who asked not to be identified as they aren’t authorized to speak publicly. That will affect buying 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 country’s refiners taking Russian crude. The escalation — which hasn’t yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine.
Read more here.
Thu, August 7, 2025 at 11:00 AM UTC
When soccer and tariffs collide
Swiss political figures are calling on FIFA’s head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs.
The FT reports:
Read more here.
Thu, August 7, 2025 at 10:05 AM UTC
Apple expands 18-year-old iPhone glass deal in bid to avoid Trump tariffs
Apple (AAPL) CEO Time Cook is trying to stay in President Trump’s good graces, but the tactics he’s using are far from new.
Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement.
Bloomberg News reports:
Read more here.
Thu, August 7, 2025 at 9:30 AM UTC
Confusion over tariff stacking hampers Japan’s bid to pin down US trade deal
Bloomberg News reports:
Read more here.
Thu, August 7, 2025 at 9:24 AM UTC
Trump says 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.
Thu, August 7, 2025 at 9:20 AM UTC
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 saying it expected a nearly $10 billion hit from President Trump’s tariffs on cars imported into the US.
Reuters reports;
Read more here.
Thu, August 7, 2025 at 9:00 AM UTC
Trump vs Modi: India hits back at US for 50% tariff
India’s Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country.
Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India’s purchase of Russian oil.
Bloomberg News reports:
Read more here.
Thu, August 7, 2025 at 8:54 AM UTC
TSMC hits record; Taiwan says 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.
Bloomberg News:
Read more here.
Thu, August 7, 2025 at 8:51 AM UTC
Trump floats possible tariffs on China for buying Russia oil
Bloomberg News reports:
Read more here.
Wed, August 6, 2025 at 9:44 PM UTC
Trump says he plans to set tariffs on computer chips at 100%
President Trump said 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.
Reuters reports:
Read more here.
Wed, August 6, 2025 at 9:17 PM UTC
Apple set to dodge bulk of India tariffs
Yahoo Finance’s Dan Howley reports:
Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company.
