Trump tariffs live updates: Trump says US, China framework 'signed' as Bessent targets Labor Day for key deals

Yahoo

4 hours ago

The US and China stepped closer to a full tariff and trade deal on Thursday, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.
'We just signed with China yesterday,' Trump said during an unrelated event at the White House, though he did not provide further details. China said "both sides have confirmed further details on the framework."
The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.
Lutnick claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.
"I think we could have trade wrapped up by Labor Day," Bessent said in a Fox Business interview.
The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, said the tariff pause to be extended for countries negotiating "in good faith."
"I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it," Miran told Yahoo Finance.
Trump and officials have warned that he could soon simply hand countries their tariff rates, raising questions about the status of negotiations. Miran said that he doesn't see the aggregate tariff rate falling materially below the 10% level in the long run, but some countries may negotiate more favorable duties while others will see a return of the steeper "Liberation Day" tariffs.
So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with the EU vowing to retaliate if the US sticks with its baseline 10% tariffs. Trump has threatened tariffs of up to 50% on EU imports.
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.
President Trump said Thursday that the US and China have "signed" a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon.
'We just signed with China yesterday,' Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May.
In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China's rare earth exports.
Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement
'They're going to deliver rare earths to us,' Lutnick said in an interview with Bloomberg. "We'll take down our countermeasures", he added.
The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind," he said.
The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides.
Bloomberg reports:
Read more here.
Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year!
How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business.
Keep that risk in mind as the big premarket move excites you.
We'll dive more into Nike's quarter on Opening Bid live at 9:30 a.m ET.
President Trump has said the US could sign a 'very big' trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues.
Bloomberg reports:
Read more here.
Bloomberg reports:
Read more here.
Yahoo Finance's Pras Subramanian reports:
Read more here.
After pausing his steepest tariffs in April, President Trump and his administration said the goal was "90 deals in 90 days." So far, the only agreement they have to show is with the United Kingdom.
Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply.
From the report:
In fact, the report said the UK deal provides a "cautionary tale":
Read more here.
Yahoo Finance's Ben Werschkul reports:
Read more here.
White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline.
That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next?
"My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it."
Sozzi adds:
Read more here.
Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding.
Reuters reports:
Read more here.
Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline.
Here are some key issues at stake, according to a Reuters analysis:
Read more here.
Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It's one of the first signs of how new trade rules are quickly making things more expensive for Americans.
The Washington Post reports:
Read more here.
The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome.
Bloomberg News reports:
Read more here.
The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU's crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump.
Bloomberg News reports:
Read more here.
One Chinese toymaker has taken drastic action to try and avoid President Trump's tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies.
Bloomberg News reports:
Read more here.
Japan's chief trade negotiator Ryosei Akazawa has reinforced the message that it cannot accept US tariffs of 25% on cars, adding that the country's automakers produce far more cars in the US than they export to America.
Bloomberg News reports:
Read more here.
President Donald Trump is publicly criticizing Spain after the country refused to accept new NATO spending targets and has threatened to double Spanish tariffs as a result.
Bloomberg reports:
Read more here.
The Trump administration is arguing that the president should have the power to impose sweeping global tariffs. His attempts to do so thus far were found unconstitutional in lower courts, but that decision is now being appealed.
Bloomberg reports:
Read more here.
JP Morgan (JPM) analysts have warned that US trade policies will likely cause a slow down in global economic growth and restart inflation in the United States, where there is a 40% chance of a recession in the second half of 2025.
Reuters reports:
Read more here.
General Mills (GIS) projected lower annual profits on Wednesday, causing the stock to fall over 1% before the bell. The consumer group was hurt by weak demand for its refrigerated baked goods and snacks in the US, amid a tough economic environment affected by tariffs and uncertainty.
Reuters reports:
Read more here.
President Trump said Thursday that the US and China have "signed" a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon.
'We just signed with China yesterday,' Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May.
In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China's rare earth exports.
Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement
'They're going to deliver rare earths to us,' Lutnick said in an interview with Bloomberg. "We'll take down our countermeasures", he added.
The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind," he said.
The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides.
Bloomberg reports:
Read more here.
Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year!
How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business.
Keep that risk in mind as the big premarket move excites you.
We'll dive more into Nike's quarter on Opening Bid live at 9:30 a.m ET.
President Trump has said the US could sign a 'very big' trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues.
Bloomberg reports:
Read more here.
Bloomberg reports:
Read more here.
Yahoo Finance's Pras Subramanian reports:
Read more here.
After pausing his steepest tariffs in April, President Trump and his administration said the goal was "90 deals in 90 days." So far, the only agreement they have to show is with the United Kingdom.
Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply.
From the report:
In fact, the report said the UK deal provides a "cautionary tale":
Read more here.
Yahoo Finance's Ben Werschkul reports:
Read more here.
White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline.
That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next?
"My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it."
Sozzi adds:
Read more here.
Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding.
Reuters reports:
Read more here.
Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline.
Here are some key issues at stake, according to a Reuters analysis:
Read more here.
Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It's one of the first signs of how new trade rules are quickly making things more expensive for Americans.
The Washington Post reports:
Read more here.
The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome.
Bloomberg News reports:
Read more here.
The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU's crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump.
Bloomberg News reports:
Read more here.
One Chinese toymaker has taken drastic action to try and avoid President Trump's tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies.
Bloomberg News reports:
Read more here.
Japan's chief trade negotiator Ryosei Akazawa has reinforced the message that it cannot accept US tariffs of 25% on cars, adding that the country's automakers produce far more cars in the US than they export to America.
Bloomberg News reports:
Read more here.
President Donald Trump is publicly criticizing Spain after the country refused to accept new NATO spending targets and has threatened to double Spanish tariffs as a result.
Bloomberg reports:
Read more here.
The Trump administration is arguing that the president should have the power to impose sweeping global tariffs. His attempts to do so thus far were found unconstitutional in lower courts, but that decision is now being appealed.
Bloomberg reports:
Read more here.
JP Morgan (JPM) analysts have warned that US trade policies will likely cause a slow down in global economic growth and restart inflation in the United States, where there is a 40% chance of a recession in the second half of 2025.
Reuters reports:
Read more here.
General Mills (GIS) projected lower annual profits on Wednesday, causing the stock to fall over 1% before the bell. The consumer group was hurt by weak demand for its refrigerated baked goods and snacks in the US, amid a tough economic environment affected by tariffs and uncertainty.
Reuters reports:
Read more here.