White House announces trade framework with Indonesia
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Yahoo
35 minutes ago
- Yahoo
Countries push for last-minute deals as Thursday tariff deadline looms
An array of trade crosscurrents continued Tuesday afternoon. There has been a push for last-minute deals, continued fuzziness on previously announced trade commitments, and an indication from President Trump that a deal to delay tariffs on goods from China is "close." It all comes as global importers brace for the Thursday morning deadline. That's when President Trump promises to implement a central plank of his trade agenda: a tiered approach to "reciprocal" tariffs ranging from 10% to 50%. Meanwhile, talks continued on varied fronts. For example, the Swiss president announced she would fly to Washington, D.C., to try to win last-minute concessions. She added Tuesday that "the aim is to present a more attractive offer to the United States" to avert a 39% tariff on goods from her nation. Meanwhile, India faces a divergent situation, with Trump telling CNBC on Tuesday morning, "We settled on 25% [tariffs], but I think I am going to raise that very substantially over the next 24 hours." India has slammed Trump's threats as unjustified and has seen its chances of a deal dwindle. Top aides for Indian Prime Minister Narendra Modi are also reportedly traveling this week — not to the US but instead to Moscow. It's all part of a flurry of last-minute moves and a message from Trump that he's full speed ahead, with no plans to delay a tariff increase starting Thursday. Read more: The latest news and updates on Trump's tariffs Trump even teased during the CNBC appearance that he probably won't run for president again but would like to, in part because, in his view, "people love the tariffs." (Trump is, of course, barred by the Constitution from running for a third term, though he's often floated the idea.) Switzerland and India are two countries currently on the outside looking in, but even nations that recently struck a trade deal continued to try to prepare for the tariff piece to take effect. Japan's top trade negotiator is also reportedly due in Washington, D.C., this week for talks to ensure that a plan to cut auto tariffs to 15% proceeds. Likewise, talks with the EU continue as negotiators there are reportedly still pushing for exemptions, such as on wine and spirits. Trump also weighed in Tuesday morning on talks with China. Markets are closely watching for any signs of an agreement to delay a tariff snapback scheduled for Aug. 12, with Trump saying, "We're getting very close to a deal." Trump suggested that he would likely meet with President Xi Jinping "at some point in the not-too-distant future." The president added that new sector-specific tariffs on semiconductors and pharmaceuticals are likely and that at least those pharmaceutical tariffs could be announced "within the next week or so." Read more: What Trump's tariffs mean for the economy and your wallet New details for some nations — and a focus on India and Switzerland There is also some new clarity on some technical details around how the new tariff landscape will likely work beginning at 12:01 a.m. ET on Thursday. US customs officials this week offered additional technical guidance in a new document on how it will handle some tariff exemptions. The news there may give some select importers a short-term breather. But with a full tally, according to Bloomberg Economics, the average US tariff rate is now expected to rise to 15.2% if duties go forward as planned. That's a jump from current rates of 13.3% and another jump from the 2.3% duties seen in 2024 before Trump took office. The overall landscape set to be in effect Thursday will cover nearly every country on the globe. It also comes after Trump and his team set "bespoke" rates largely based on the trade deficit, with many of America's top trading partners seeing a key new standard of 15% tariff, while others will see higher rates. Read more: 5 ways to tariff-proof your finances Countries from the European Union to South Korea to Japan struck deals at that 15% rate, but open questions remain. Other Asian countries have struck deals in the 19%-20% range. Trade Representative Jamieson Greer recently said on CBS that the published rates included many agreements, "some of these deals are announced, some are not," with other nations simply being dictated tariffs based on the level of the trade deficit. Switzerland is one nation for which the US has dictated tariffs. Its delegation will be in Washington on Tuesday to push for lower rates. But on Tuesday morning, Trump suggested that it would be an uphill climb and that a recent call with the country didn't go well because "they essentially pay no tariffs," even as talks are clearly set to continue there. As for India, any immediate offramp appears unlikely because of that nation's connections with Russia and Russian oil. A note Tuesday from Capital Economics suggested that India could, in theory, offer concessions to diversify its energy sources, "but we doubt that India would make a wholehearted effort to wean itself off Russian oil [as it could upset relations and] it would not play well to be seen caving to Trump's demands." At the same time, reports from Bloomberg and the Times of India revealed that two top aides to Indian Prime Minister Narendra Modi are traveling not to the US but to Russia in the coming days and weeks — even amid Trump's ever-escalating threats. Trump on Tuesday morning suggested talks are on ice for now and will be complicated when they resume, adding that "the sticking point with India is that tariffs are too high." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
NBC News
37 minutes ago
- NBC News
President Trump threatens higher tariffs on India
In a wide-ranging interview on CNBC, the President said he could raise his looming 25% tariff on India even higher because of that country's insistence on buying Russian oil. NBC News' Garrett Haake reports.
Yahoo
43 minutes ago
- Yahoo
Wall Street stocks end lower as rally peters out
Wall Street stocks fell Tuesday as a rally ran out of steam following lackluster economic data, while investors monitor ongoing trade talks ahead of new tariff hikes set to take effect later this week. US President Donald Trump told CNBC he plans fresh tariffs on imported pharmaceuticals and semiconductors. Trump also said he expects to raise the US tariff on Indian imports due to the country's purchases of Russian oil. The statements come before a separate set of tariff hikes goes into force on dozens of economies later this week. Swiss officials traveled to Washington Tuesday to try to strike a last-minute deal. Investors also digested an index of US services activity that came in at 50.1 percent, just barely in growth mode as companies contend with weaker hiring conditions and increased pricing pressure. The report comes on the heels of jobs data last Friday that pointed to slowing in the labor market. On the positive side, "a weaker economy could mean more rate cuts from the Fed," said Adam Sarhan of 50 Park Investments. After opening higher, US indices fell into negative territory, with the S&P 500 ending down 0.5 percent. European markets ended mixed, with Paris dipping into the red, while oil prices retreated further on worries about the demand outlook. Swiss leaders flew to Washington on Tuesday in a last-ditch effort to avoid a hefty 39-percent tariff. Meanwhile, the European Union on Tuesday announced the suspension of its retaliatory tariffs on US goods worth 93 billion euros ($107 billion) after Brussels struck a deal with Washington last month. Among individual companies, Palantir Technologies jumped 7.9 percent after reporting its first quarter with more than $1 billion in revenues. The data analysis and artificial intelligence company also raised its full-year revenues forecast. Pfizer was another big winner after earnings as the drugmaker reported a big increase in profits to $2.9 billion behind higher sales of Covid-19 products and lower expenses. Shares jumped 5.2 percent. Diageo, the maker of Guinness stout and Smirnoff Vodka, rose 4.9 percent after raising its cost-savings targets following a sharp drop profits to the hit from US tariffs. - Key figures at around 2100 GMT - New York - Dow: DOWN 0.1 percent at 44,111.74 (close) New York - S&P 500: DOWN 0.5 percent at 6,299.19 (close) New York - Nasdaq Composite: DOWN 0.7 percent at 20,916.55 (close) London - FTSE 100: UP 0.2 percent at 9,142.73 (close) Paris - CAC 40: DOWN 0.1 percent at 7,621.04 (close) Frankfurt - DAX: UP 0.4 percent at 23,846.07 (close) Tokyo - Nikkei 225: UP 0.6 percent at 40,549.54 (close) Hong Kong - Hang Seng Index: UP 0.7 percent at 24,902.53 (close) Shanghai - Composite: UP 1.0 percent at 3,617.60 (close) Euro/dollar: UP at $1.1582 from $1.1571 on Monday Pound/dollar: UP at $1.3294 from $1.3285 Dollar/yen: UP at 147.55 yen from 147.09 yen Euro/pound: DOWN at 87.01 pence from 87.10 pence West Texas Intermediate: DOWN 1.7 percent at $65.16 per barrel Brent North Sea Crude: DOWN 1.7 percent at $67.64 per barrel burs-jmb/st
