Trump tariffs spur inflation ahead of deadline
The Big Story
Prices pop as Trump tariff deadline looms
The White House is racing to finish trade deals ahead of its Aug. 1 deadline, just as prices in the economy are starting to take off from tariffs.
President Trump's novel 'reciprocal' tariffs will go back into effect Friday after first being imposed in April. They were set to resume in early July, but were pushed back to Friday.
Trump has said there will be no more extensions.
'The August first deadline is the August first deadline,' Trump posted on his social media website Wednesday. 'It stands strong, and will not be extended. A big day for America!'
The pressure is on to close the deals as the new import taxes are starting to make their way through value chains and into the sticker prices of goods and services.
The Federal Reserve's preferred inflation gauge for June came in hotter than expected Wednesday. The personal consumption expenditures price index popped to a 2.6 percent annual increase from 2.3 percent in May.
Removing the more volatile categories of energy and food, the index rose to a 2.8 percent annual increase.
The numbers align with the June readings of the consumer price increase, which jumped to a 2.7 percent increas e from 2.4 percent in its previous reading.
The Hill's Tobias Burns has more here.
Welcome to The Hill's Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Senate panel rejects Trump cuts to NIH, other health agencies
The Senate Appropriations Committee rejected the Trump administration's massive proposed funding cut to the National Institutes of Health, advancing a measure that would increase the agency's budget by $400 million.
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Trump trade wins leave voters, businesses wanting more
The Trump administration has struck trade pacts in recent months that seem to benefit the U.S. over its trading partners, giving President Trump ample opportunity to tout his dealmaking skills.
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Play kitchens recalled after toddler's death
Thousands of children's play kitchens are being recalled after a toddler died of asphyxiation, according to the U.S. Consumer Product Safety Commission.
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Trump, Bessent knock India as tariff deadline nears
Treasury Secretary Scott Bessent and President Trump took swings at India as a tariff deadline nears for the country.
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The Ticker
Upcoming news themes and events we're watching:
The Senate working to consider its first batch of government funding bills for fiscal 2026 this week.
In Other News
Branch out with more stories from the day:
Apple overcomes Trump's trade war, slow start in AI to deliver surprisingly strong quarter
SAN FRANCISCO (AP) — Apple shook off a thicket of tariffs and a botched entry into artificial intelligence …
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Good to Know
Business and economic news we've flagged from other outlets:
S&P 500 posts third straight losing day as Meta, Microsoft fail to lift market (CNBC)
Jamie Dimon and Trump finally had a meeting after battling for years (CNN)
Dozens of countries with no deals face higher tariffs as trade deadline nears (The Associated Press)
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Trump tariffs live updates: India calls Trump's warning ‘unjustified' as EU clarifies 15% US tariff cap
The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The Trump administration has said new tariffs won't hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to dodge duties. Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on India exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine." Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks. Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week. Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below: In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. The US agreed to 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 on its exports, Trump said. Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). 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. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here.
Yahoo
2 minutes ago
- Yahoo
Trump's 'good economic news' is awfully murky
Bonanza what? Re "Trump delivers bonanza of good economic news for U.S.," Aug. 1: I'm not sure what 'bonanza of good economic news' the president is said to have delivered, as Nicole Russell claims in her opinion piece. But here is a quote from a Wall Street Journal article by Paul Kiernan, published the same day: '… official data this week showed a marked slowdown in economic output and consumer spending, followed by a jarringly weak jobs report. Where things go from here is murky.' Russell, please note: that's Paul Kiernan, not Paul Krugman. Yet Kiernan's reporting and the data seem to support Krugman's concerns about the state of the economy. Nicole Russell: "Trump delivers bonanza of good economic news for U.S. If this is bonanza, one shudders to think what the bad news feels like. Manoj Choudhary, Reynoldsburg Honoring a man who always prioritized people I am writing to express profound appreciation for the well-deserved recognition of the late former Ohio Director of Agriculture Steve Mauer on Aug. 1, inducted posthumously into the Ohio Agricultural Hall of Fame. As a longtime admirer of Steve's contributions to our community and the broader agricultural landscape, I was deeply moved by the tribute paid to him at the Ohio Ag Council Hall of Fame Breakfast. Steve, also twice appointed Ohio State executive director for the United States Department of Agriculture Farm Service Agency by Presidents Bill Clinton and Barack Obama, embodied the spirit of Ohio agriculture — a visionary leader whose dedication to all things Ohio , advocacy for rural communities and mentorship of future generations left a lasting mark. He championed diversifying Ohio crop production, helped establish Ohio's organic certification program and opened up new international markets for Ohio agricultural products. Above it all, he genuinely cared about and always prioritized people. He not only advanced our industry but also inspired countless individuals, myself included. The hall of fame's decision to honor Steve celebrates more than his legacy; it reaffirms the values of perseverance, integrity and stewardship that define Ohio's agricultural heritage. Seeing his wife Amy and their family accept this accolade was a poignant reminder of the lives he touched and the enduring impact of his work. Thank you to the Ohio Agricultural Hall of Fame for ensuring that Steve Mauer's contributions will never be forgotten. This recognition not only honors his memory but also inspires all of us to carry forward his passion for progress and community. Tim Sword, Agricultural Export Administrator, Ohio Department of Agriculture LifeWise and Tressel Re letter to the editor "Full background checks shouldn't be optional," Aug. 1: Coincidence that the letter to the editor from Dave Schwendenman about LifeWise Academy's failure to put basic safeguards in place for the children they remove from class during school hours was immediately followed by the "Tressel for Ohio governor" letter from Keith Luck? It should be lost on no one that Tressel's name will be on the LifeWise training room when their new national headquarters opens in Hilliard this year. Sue Miller, Columbus This article originally appeared on The Columbus Dispatch: Good news for the economy? Data begs to differ | Letters Solve the daily Crossword
Associated Press
2 minutes ago
- Associated Press
Russia says it no longer will abide by its self-imposed moratorium on intermediate-range missiles
MOSCOW (AP) — Russia has declared that it no longer considers itself bound by a self-imposed moratorium on the deployment of nuclear-capable intermediate range missiles, a warning that potentially sets the stage for a new arms race as tensions between Moscow and Washington rise again over Ukraine. In a statement Monday, the Russian Foreign Ministry linked the decision to efforts by the U.S. and its allies to develop intermediate range weapons and preparations for their deployment in Europe and other parts of the world. It specifically cited U.S. plans to deploy Typhoon and Dark Eagle missiles in Germany starting next year. The ministry noted that such actions by the U.S. and its allies create 'destabilizing missile potentials' near Russia, creating a 'direct threat to the security of our country' and carry 'significant harmful consequences for regional and global stability, including a dangerous escalation of tensions between nuclear powers.' It didn't say what specific moves the Kremlin might take, but President Vladimir Putin has previously announced that Moscow was planning to deploy its new Oreshnik missiles on the territory of its neighbor and ally Belarus later this year. 'Decisions on specific parameters of response measures will be made by the leadership of the Russian Federation based on an interdepartmental analysis of the scale of deployment of American and other Western land-based intermediate-range missiles, as well as the development of the overall situation in the area of international security and strategic stability,' the Foreign Ministry said. The Russian statement follows President Donald Trump's announcement Friday that he's ordering the repositioning of two U.S. nuclear submarines 'based on the highly provocative statements' of Dmitry Medvedev, who was president in 2008-12 to allow Putin, bound by term limits, to later return to the office. Trump's statement came as his deadline for the Kremlin to reach a peace deal in Ukraine approaches later this week. Trump said he was alarmed by Medvedev's attitude. Medvedev, who serves as deputy chairman of Russia's Security Council chaired by Putin, has apparently sought to curry favor with his mentor by making provocative statements and frequently lobbing nuclear threats. Last week. he responded to Trump's deadline for Russia to accept a peace deal in Ukraine or face sanctions by warning him against 'playing the ultimatum game with Russia' and declaring that 'each new ultimatum is a threat and a step toward war.' Medvedev also commented on the Foreign Ministry's statement, describing Moscow's withdrawal from the moratorium as 'the result of NATO countries' anti-Russian policy.' 'This is a new reality all our opponents will have to reckon with,' he wrote on X. 'Expect further steps.' Intermediate-range missiles can fly between 500 to 5,500 kilometers (310 to 3,400 miles). Such land-based weapons were banned under the 1987 Intermediate-range Nuclear Forces (INF) Treaty. Washington and Moscow abandoned the pact in 2019, accusing each other of violations, but Moscow declared its self-imposed moratorium on their deployment until the U.S. makes such a move. The collapse of the INF Treaty has stoked fears of a replay of a Cold War-era European missile crisis, when the U.S. and the Soviet Union both deployed intermediate-range missiles on the continent in the 1980s. Such weapons are seen as particularly destabilizing because they take less time to reach targets, compared with intercontinental ballistic missiles, leaving no time for decision-makers and raising the likelihood of a global nuclear conflict over a false launch warning. Russia's missile forces chief has declared that the new Oreshnik intermediate range missile, which Russia first used against Ukraine in November, has a range to reach all of Europe. Oreshnik can carry conventional or nuclear warheads. Putin has praised the Oreshnik's capabilities, saying its multiple warheads that plunge to a target at speeds up to Mach 10 are immune to being intercepted and are so powerful that the use of several of them in one conventional strike could be as devastating as a nuclear attack. Putin has warned the West that Moscow could use it against Ukraine's NATO allies who allowed Kyiv to use their longer-range missiles to strike inside Russia. ___ The Associated Press receives support for nuclear security coverage from the Carnegie Corporation of New York and Outrider Foundation. The AP is solely responsible for all content. ___ Additional AP coverage of the nuclear landscape:
