Trump tariffs live updates: Buffett's Berkshire portfolio takes tariffs hit; Trump outlines sweeping new tariffs for dozens of trade partners
Yahoo5 hours ago
It seems even the Oracle of Omaha isn't immune to the impact of President Trump's trade war.
Warren Buffett's Berkshire Hathaway said on Saturday that its consumer goods businesses took a hit from US tariffs, Reuters reported. Its consumer products group, which includes Fruit of the Loom and Brooks Sports, saw a 5.1% year-over-year revenue decline in the second quarter.
Berkshire blamed the tariffs for delays in orders and shipments.
In May, during Berkshire's annual meeting, Buffett strongly defended free trade. He said tarffs should not be used as a "weapon" adding "balanced trade is good for the world."
Meanwhile, President Trump outlined tariff rates on dozens of trade partners, taking a step toward further reshaping the US trade landscape.
Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners. The tariffs on Canada go into effect Friday, while many of the other "reciprocal" rates take effect Aug. 7.
Global stocks fell Friday as Trump's imposed tariffs on dozens of countries, advancing his effort to reshape global trade.
Yahoo Finance's Ben Werschkul has more details on the latest orders here. 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, saying he would extend the country's current tariff rates to allow for more time for negotiations.
The US agreed to a trade deal 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, but he stopped short of applying the duties to copper scrap and input materials, sending copper (HG=F) futures plunging throughout the week.
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 two sides still need to iron out several key issues.
Meanwhile, the US and China completed a third round of trade talks this week, and Treasury Secretary Scott Bessent said on Thursday that they have "the makings of a trade deal." The countries face an Aug. 12 deadline to extend a pause on sky-high tariffs.
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.
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.
Trump unleashes delayed shock for global economy
Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.
Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.
So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.
Bloomberg News reports:
Read more here.
Copper set for weekly drop on LME after Trump's tariff surprise
Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.
Bloomberg News reports:
Bangladesh secures 20% US tariff for garments, exporters relieved
Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.
Reuters reports:
Read more here.
BOJ: US tariffs could hit firms' profits, delay capex plans
The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.
Reuters reports:
Read more here.
Trump hikes tariffs on Canada to 35%, outlines sweeping new duties on dozens of trade partners
The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.
The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.
But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.
India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.
Taiwan is another top US trading partner and is set to see a 20% rate.
The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.
Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.
But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.
Read more here.
Trump extends Mexico's current tariff rates
President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.
The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.
Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.
Brazil sees 35.9% of exports to US facing steeper tariff: Sources
Reuters reports:
Read more here.
Trump: Tariffs are making 'America great and rich again'
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
What's in the US-EU trade deal depends on who is doing the talking
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Trump back in court Thursday to defend the tariffs he plans to impose Friday
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
EU wine, spirits to face 15% US tariff from August 1: EU official
Reuters reports:
Read more here.
Trump tariff surprise triggers implosion of massive copper trade
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Lutnick: US made trade deals with Thailand and Cambodia
Bloomberg News reports:
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.
Trump unleashes delayed shock for global economy
Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.
Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.
So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.
Bloomberg News reports:
Read more here.
Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.
Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.
So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.
Bloomberg News reports:
Read more here.
Copper set for weekly drop on LME after Trump's tariff surprise
Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.
Bloomberg News reports:
Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.
Bloomberg News reports:
Bangladesh secures 20% US tariff for garments, exporters relieved
Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.
Reuters reports:
Read more here.
Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.
Reuters reports:
Read more here.
BOJ: US tariffs could hit firms' profits, delay capex plans
The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.
Reuters reports:
Read more here.
The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.
Reuters reports:
Read more here.
Trump hikes tariffs on Canada to 35%, outlines sweeping new duties on dozens of trade partners
The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.
The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.
But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.
India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.
Taiwan is another top US trading partner and is set to see a 20% rate.
The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.
Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.
But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.
Read more here.
The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.
The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.
But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.
India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.
Taiwan is another top US trading partner and is set to see a 20% rate.
The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.
Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.
But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.
Read more here.
Trump extends Mexico's current tariff rates
President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.
The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.
Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.
President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.
The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.
Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.
Brazil sees 35.9% of exports to US facing steeper tariff: Sources
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump: Tariffs are making 'America great and rich again'
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
What's in the US-EU trade deal depends on who is doing the talking
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Trump back in court Thursday to defend the tariffs he plans to impose Friday
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
EU wine, spirits to face 15% US tariff from August 1: EU official
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump tariff surprise triggers implosion of massive copper trade
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Lutnick: US made trade deals with Thailand and Cambodia
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Warren Buffett's Berkshire Hathaway said on Saturday that its consumer goods businesses took a hit from US tariffs, Reuters reported. Its consumer products group, which includes Fruit of the Loom and Brooks Sports, saw a 5.1% year-over-year revenue decline in the second quarter.
Berkshire blamed the tariffs for delays in orders and shipments.
In May, during Berkshire's annual meeting, Buffett strongly defended free trade. He said tarffs should not be used as a "weapon" adding "balanced trade is good for the world."
Meanwhile, President Trump outlined tariff rates on dozens of trade partners, taking a step toward further reshaping the US trade landscape.
Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners. The tariffs on Canada go into effect Friday, while many of the other "reciprocal" rates take effect Aug. 7.
Global stocks fell Friday as Trump's imposed tariffs on dozens of countries, advancing his effort to reshape global trade.
Yahoo Finance's Ben Werschkul has more details on the latest orders here. 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, saying he would extend the country's current tariff rates to allow for more time for negotiations.
The US agreed to a trade deal 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, but he stopped short of applying the duties to copper scrap and input materials, sending copper (HG=F) futures plunging throughout the week.
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 two sides still need to iron out several key issues.
Meanwhile, the US and China completed a third round of trade talks this week, and Treasury Secretary Scott Bessent said on Thursday that they have "the makings of a trade deal." The countries face an Aug. 12 deadline to extend a pause on sky-high tariffs.
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.
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.
Trump unleashes delayed shock for global economy
Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.
Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.
So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.
Bloomberg News reports:
Read more here.
Copper set for weekly drop on LME after Trump's tariff surprise
Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.
Bloomberg News reports:
Bangladesh secures 20% US tariff for garments, exporters relieved
Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.
Reuters reports:
Read more here.
BOJ: US tariffs could hit firms' profits, delay capex plans
The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.
Reuters reports:
Read more here.
Trump hikes tariffs on Canada to 35%, outlines sweeping new duties on dozens of trade partners
The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.
The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.
But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.
India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.
Taiwan is another top US trading partner and is set to see a 20% rate.
The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.
Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.
But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.
Read more here.
Trump extends Mexico's current tariff rates
President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.
The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.
Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.
Brazil sees 35.9% of exports to US facing steeper tariff: Sources
Reuters reports:
Read more here.
Trump: Tariffs are making 'America great and rich again'
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
What's in the US-EU trade deal depends on who is doing the talking
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Trump back in court Thursday to defend the tariffs he plans to impose Friday
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
EU wine, spirits to face 15% US tariff from August 1: EU official
Reuters reports:
Read more here.
Trump tariff surprise triggers implosion of massive copper trade
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Lutnick: US made trade deals with Thailand and Cambodia
Bloomberg News reports:
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.
Trump unleashes delayed shock for global economy
Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.
Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.
So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.
Bloomberg News reports:
Read more here.
Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.
Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.
So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.
Bloomberg News reports:
Read more here.
Copper set for weekly drop on LME after Trump's tariff surprise
Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.
Bloomberg News reports:
Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.
Bloomberg News reports:
Bangladesh secures 20% US tariff for garments, exporters relieved
Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.
Reuters reports:
Read more here.
Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.
Reuters reports:
Read more here.
BOJ: US tariffs could hit firms' profits, delay capex plans
The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.
Reuters reports:
Read more here.
The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.
Reuters reports:
Read more here.
Trump hikes tariffs on Canada to 35%, outlines sweeping new duties on dozens of trade partners
The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.
The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.
But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.
India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.
Taiwan is another top US trading partner and is set to see a 20% rate.
The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.
Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.
But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.
Read more here.
The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.
The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.
But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.
India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.
Taiwan is another top US trading partner and is set to see a 20% rate.
The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.
Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.
But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.
Read more here.
Trump extends Mexico's current tariff rates
President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.
The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.
Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.
President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.
The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.
Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.
Brazil sees 35.9% of exports to US facing steeper tariff: Sources
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump: Tariffs are making 'America great and rich again'
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
What's in the US-EU trade deal depends on who is doing the talking
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Trump back in court Thursday to defend the tariffs he plans to impose Friday
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
EU wine, spirits to face 15% US tariff from August 1: EU official
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump tariff surprise triggers implosion of massive copper trade
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Lutnick: US made trade deals with Thailand and Cambodia
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
'Should We Pay Our Rent 2 To 3 Years In Advance?' Suze Orman Says No For 'A Whole Lot Of Reasons'
When times feel uncertain — especially during retirement — it can be tempting to lock in a sense of security. For one couple, that meant wondering if they should prepay their rent for the next two to three years using a work bonus. But financial expert Suze Orman says this move could cause more problems than it solves. The Question: Is Prepaying Rent a Smart Move? On a recent episode of the "Women & Money" podcast, Orman and her partner, KT, read a question from a listener named Linda. Linda and her wife, both recently retired at ages 73 and 70, asked whether they should use a recent bonus to pay several years of rent in advance. The couple already had $600,000 in a diversified investment portfolio and hoped to avoid drawing from it until 2028. Orman's answer? A firm no. Don't Miss: $100k+ in investable assets? – no cost, no obligation. Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— Why Paying Rent in Advance Can Be Risky "Rent is the keyword here," KT said quickly after reading the question. Orman agreed — and for what she called "a whole lot of reasons." One of the biggest concerns is that prepaying rent doesn't give you anything in return — it's not building equity like a mortgage would, and it doesn't improve the value of an asset. It's simply money spent, upfront, for a place you don't own. That can become a problem if your circumstances change. Orman isn't against renting itself. In fact, she's recommended it in certain situations. But handing over two or three years of rent in advance during retirement raises red flags. Here's why: Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Life changes happen. Anything could happen to you or your partner over the next few years. If you pay now and plans change — due to health, relocation, or other circumstances — you might not be able to get your money back. Landlords can change too. "Who is she paying rent to?" Orman asked. "The landlord." Landlords can sell, pass away, or change the terms of a lease. That could complicate things — especially if rent payments were made years in advance. The money could work harder elsewhere. Instead of locking it away in rent, Orman suggests keeping it in a safe, interest-earning account like a money market fund. That way, it's still accessible if needed and earning something in the meantime. A Better Approach for Retirees Retirees looking to delay drawing down investment income may benefit more by keeping bonus funds liquid. Orman pointed out that even in volatile markets, there are ways to grow your money conservatively. "Just put it somewhere safe as your rent money, making money market interest rates," she said. "These markets still have a lot to go." In short, tying up tens of thousands of dollars in prepaid rent isn't just unnecessary — it could limit your financial flexibility during Line While paying rent years in advance might seem like a smart way to reduce future stress, Orman says it introduces too many risks. From changes in your own life to uncertainties with landlords, the safer strategy is to keep that money earning interest and available for when you need it. As Orman put it, "That's such a waste of money — I cannot even tell you." Read Next: Many are using retirement income calculators to check if they're on pace — Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'Should We Pay Our Rent 2 To 3 Years In Advance?' Suze Orman Says No For 'A Whole Lot Of Reasons' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
24 minutes ago
- Yahoo
Celtics minority owner reaches deal to buy Connecticut Sun for record $325 million, AP source says
UNCASVILLE, Conn. (AP) — A group led by Celtics minority owner Steve Pagliuca has reached a deal to buy the Connecticut Sun for a record $325 million and move the team to Boston, according to a person familiar with the sale. The franchise wouldn't play in Boston until the 2027 season. Pagliuca also would contribute $100 million for a new practice facility in Boston for the team the person said. The person spoke to The Associated Press on condition of anonymity on Saturday because the deal hasn't been publicly announced. The sale is pending approval of the league and its Board of Governors. The sale is pending approval of the league and its Board of Governors. ___ AP WNBA:
Yahoo
24 minutes ago
- Yahoo
Election in Kanehsatà:ke cancelled at last minute
A general election scheduled for Saturday in the Kanien'kehá:ka (Mohawk) community of Kanehsatà:ke was cancelled at the last minute Friday evening, with the chief electoral officer denouncing "numerous flaws" in the existing electoral code. In a statement shared on the Mohawk Council of Kanesatake's Facebook page, Chief Electoral Officer Graeme Drew outlined his decision. "Due to numerous flaws in the Custom Electoral Code resulting in an inevitably flawed election process, I met with the incumbent Council and informed them earlier today of my decision to stop this election," wrote Drew. He noted a lack of provisions in the code "for ensuring that electors are duly informed throughout the election process." The chief electoral officer also stated that timelines were "unworkable" and didn't allow for the proper screening of candidates and, because of that, the names of several ineligible nominees appeared on the ballots. Drew further expressed concern over the power given to appeal board members to "vote over" all other electors when determining who will be grand chief and chief in the case of a tie, saying the method was "unacceptable." Six chief positions and one grand chief position were set to be determined in the general election. WATCH l Political infighting in Kanehsatà:ke leads to frustration: Saturday's election was deemed crucial for the community, located northwest of Montreal, and seen as a way to resolve a months-long political impasse stemming from a leadership crisis within the Mohawk Council of Kanesatake. In March, the band council's ethics commission removed Victor Bonspille from his position as grand chief by declaring his seat vacant. Bonspille, however, refused to recognize the decision and continued to attend ceremonies as grand chief. He was hoping to be re-elected as grand chief on Saturday, with council chiefs Brant Etienne and Serge Otsi Simon, also a former grand chief, vying for the position as well. Drew said he is recommending the council reconvene with the goal of amending the electoral code, after which an election could be held. Gleaning from past experiences, he said the process of ratifying an amended electoral code, followed by a candidate nomination period and campaigning means the community might see an election in about six months. CBC News reached out to both the Mohawk Council of Kanesatake and the minister responsible for relations with First Nations and Inuit for comment but had yet to hear back.
