President Trump on Monday signed an executive order extending the tariff truce between the US and China for another 90 days, reports said, pushing trade negotiations out to the fall.
Also, Nvidia (NVDA) and AMD (AMD) agreed to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration’s tariff policy that has reoriented global trade relationships.
The New York Times reported that Nvidia CEO Jensen Huang agreed to the arrangement, which is “essentially making the federal government a partner in Nvidia’s business in China,” at a meeting with Trump last week.
“To call this unusual or unprecedented would be a staggering understatement,” Stephen Olson, a former US trade negotiator, told Bloomberg. “What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that’s the case, we’ve entered into a new and dangerous world.”
The chips include Nvidia’s H20 AI accelerator and AMD’s MI308 chips, which the Trump administration had previously targeted with export controls.
Elsewhere on Monday, Trump said imports of gold (GC=F) to the US would not face a tariff.
“Gold will not be Tariffed!” Trump wrote on social media.
Gold futures were little changed after Trump’s post. Prices for the metal slid on Monday.
The White House had said last week that the administration would issue a new policy clarifying whether gold bars would be subject to duties after a US government agency said they would, prompting chaos and confusion in the market.
Meanwhile, Trump’s latest sweeping “reciprocal” tariffs hit dozens of US trade partners last week.
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 1660 updates
Trump reportedly signs order granting another 90-day extension on harshest China tariffs
Yahoo Finance’s Ben Werschkul reports:
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Trump says, ‘Gold will not be Tariffed!’
President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties.
“A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!” Trump wrote on Truth Social on Monday afternoon.
On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration.
Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs.
Small US firms paying Trump tariffs face $202B annual hit
Small US businesses are struggling to comply with President Trump’s new tariffs. These companies, which are the source of more than half of the country’s job creation are also finding it hard to cope with the growing financial strain from higher import costs.
Bloomberg News:
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Trump on China extension: We’ll see what happens
President Trump said China has been “dealing quite nicely” with the US, a possible hint that his administration is preparing to extend the countries’ trade truce past a deadline that expires Tuesday.
“We’ll see what happens,” he said during a White House press conference, adding, “They’ve been dealing quite nicely.”
The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks.
An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year.
Swiss government to meet pharma firms to discuss US tariffs
The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US.
The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites.
From Reuters:
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New gold tariffs are in effect. Will Costco gold bars be affected?
Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you’re lucky enough to find them in stock.
However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco’s gold bars as well.
Yahoo Finance’s Hal Bundrick reports:
Read more here.
US consumers to bear brunt of tariff hit: Goldman
Goldman Sachs GS) says that President Trump’s tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut.
Bloomberg News reports:
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Nvidia, AMD to pay 15% on China AI chip sales in US deal
Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing.
Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip.
Bloomberg News reports:
Read more here.
Why Trump’s soybean ask of China is ‘highly unlikely’
China is the world’s largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil).
President Trump’s statement that he hopes “China will quickly quadruple its soybean orders” would require China to import the vast majority of its soybeans from the U.S.
“It’s highly unlikely that China would ever buy four times its usual volume of soybeans from the US,” Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters.
Read more here.
US gold futures fall as traders await clarification on tariffs
US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs.
Bloomberg News reports:
Read more here.
Swiss economy seen weathering Trump’s tariff shock for now
Bloomberg News reports:
Read more here.
Sun, August 10, 2025 at 11:00 PM UTC
Commentary: Tariffs are denting profits, and maybe soon your portfolio
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.
Yahoo Finance’s Rick Newman reports:
Read more here.
Sun, August 10, 2025 at 8:48 PM UTC
A 240-year-old Swiss watchmaker’s race to beat Trump’s tariff deadline
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.
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.
Reuters reports:
Read more here.
Sun, August 10, 2025 at 7:23 PM UTC
Tariffs are starting to squeeze farmers’ profits
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.
Bloomberg reports:
Read more here.
Sat, August 9, 2025 at 4:49 PM UTC
The US has slapped a 39% tariff on Switzerland, leaving the country’s leaders reeling
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:
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.
