Trump to Announce Fed, Jobs Data Replacements in Coming Days
Trump made the comments to reporters Sunday on his way back to the White House. The Fed announced Friday that Adriana Kugler will step down from her position as a fed governor, giving Trump an opportunity to install a policymaker who aligns with his demands for lower interest rates.
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CNBC
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- CNBC
CNBC Daily Open: Trump penalizes India for buying Russian oil — and he might not be done yet
India's set to face a 50% tariff after the White House announced an additional 25% levy on the South Asian country Wednesday over its purchases of Russian oil. That's now among the highest duties on any of the U.S.' trading partners. New Delhi responded swiftly in a statement Wednesday, describing the U.S.' decision to raise tariffs as "unfair, unjustified and unreasonable," and that the country's imports are based on market factors and to ensure energy security for its population. Earlier on Monday, India's Ministry of External Affairs called out what it says is selective enforcement in a statement, adding that "it is revealing that the very nations criticizing India are themselves indulging in trade with Russia." It cited data that showed the EU's trade was "significantly more" than India's total trade with Russia. And it seems that India isn't the only country on U.S. President Donald Trump's radar as he sets to punish countries that buy oil from Russia. His latest executive order also directs his administration to "determine whether any other country is directly or indirectly importing Russian Federation oil," and the actions, if any, that need to be taken on that country. — U.S to impose 50% tariff on India over Russian oil purchases. Trump announced in an executive order Wednesday that the new 25% duties will come into effect in 21 days, while the previously announced 25% rate will kick in Thursday. Semiconductor tariffs of 100%. Unless companies can manufacture in the U.S., Trump said Wednesday that he would impose that tariff rate on imports of semiconductors and chips into the country. U.S. stocks gain on Apple's investment. Markets gained Wednesday after Apple's shares climbed 5% on its increased U.S. manufacturing investment. Asia markets mostly rose Thursday, with Japan's Topix hitting a fresh record high. Asian chip-related stocks trade mixed. Apple commits $100 billion to U.S. expansion. Apple CEO Tim Cook and President Donald Trump unveiled the manufacturing boost Wednesday. That's on top of the $500 billion that the iPhone maker announced in February, and brings its total U.S. investment to $600 billion over the next four years. [PRO] Chip stocks have been going through a rough ride this earnings season. Texas Instruments, ON Semiconductor, Qualcomm, and Arm posted earnings beats but were met with steep sell-offs as investors demand more than solid execution. India's $434 billion merchandise exports engine: What's at stake after Trump doubles tariffs to 50% India counts the U.S. as its single largest export partner. Its total goods exports reached about $434 billion in the year ended March 2025, and nearly 20%, or $86.51 billion worth of goods, were shipped to the U.S., according to the latest official data. The potential 50% extra tariff on Indian products could put a drag of a total 0.6 percentage point on its gross domestic product, according to Goldman Sachs' estimates. With notable variance across industries and little clarity over Trump's plans with sector-specific tariffs, this story lists segments that potentially stand to lose the most.
CNBC
a few seconds ago
- CNBC
Trump's 'reciprocal' tariffs come into effect, hitting dozens of U.S. trading partners
U.S. President Donald Trump's so-called "reciprocal" tariffs took effect on Thursday, imposing higher duties on many of the country's trading partners' exports to the U.S. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote on social media platform Truth Social. In an earlier post Trump had said the tariffs were targeting "COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS." Trump last week — ahead of his Aug. 1 tariffs deadline — rejigged the tariff rates and pushed back the deadline to Aug. 7. Some of the steepest duties include Syria's 41%, and Laos and Myanmar's 40% rate, while Switzerland — after being unsuccessful in a last-minute scramble for a deal — is facing 39% tariffs. Separately, Brazil and India are both now facing duties of 50%. While Brazil's tariffs appear to have kicked in, India's rate is at 25% for now, and will rise to 50% later this month, according to an executive order signed Wednesday. Trump said his tariffs on India are related to its current purchases of Russian oil.
Newsweek
a few seconds ago
- Newsweek
India's Modi Sends Message to Trump Over Tariffs
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. India's Prime Minister Narendra Modi has responded to President Donald Trump increasing tariffs on certain Indian goods to 50 percent. "I know I'll have to pay a heavy price, but I'm ready. India is ready," Modi said, according to Indian media. It came after Trump issued an executive order on Wednesday hitting the country with an additional 25 percent tariff for its continued purchasing of Russian oil, increasing overall duties on certain exports to 50 percent. The new tariffs will start from August 27. India's Prime Minister Narendra Modi in England in July. India's Prime Minister Narendra Modi in England in is a developing story. More to follow.
