Trump Unleashes a Flurry of Trade Surprises on Eve of Deadline
The World's Data Center Capital Has Residents Surrounded
An Abandoned Art-Deco Landmark in Buffalo Awaits Revival
Budapest's Most Historic Site Gets a Controversial Rebuild
San Francisco in Talks With Vanderbilt for Downtown Campus
We Should All Be Biking Along the Beach
Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan, and a painful 25% levy on imports from India that was accompanied by criticism of its purchases of Russian energy and weapons.
Deals were also in the offing for Thailand and Cambodia after they agreed to a ceasefire Monday, buttressing Trump's self-professed goal of being seen as a global peacemaker. Trump shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs.
The onslaught comes on the eve of an Aug. 1 deadline, when the White House threatened reciprocal levies for countries without bilateral agreements, which most don't have. Trump has said rates globally will come in from 15% all the way to 50% — executing policies he believes will bring home manufacturing and raise government revenue, while giving him enormous leverage on countries whose exports depend on US consumers.
'Today we got a flurry of details and it's the case of the old saying: 'you can't see the forest for the trees,'' said Rob Subbaraman, chief economist at Nomura Holdings Inc. 'Stepping back, Trump has by and large followed through on his tariff threats. Right now it's just a lot of noise.'
Most countries are still without a trade deal, and key details are scant for those who have one — including potential exemptions, investment promises and potential changes to rules of origin. The uncertainty and confusion amid the long rollout of Trump's new trade order has already hit global economic growth and weighed on investment, even as markets remain optimistic.
'These deals ramming against the clock — it's really not a good sign,' said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. The reach pushes countries to an agreement to avoid potentially higher levies, but could end up costing their economies more, she said.
Meanwhile, the mood music between the US and China remains favorable for now. Speaking in the White House on Wednesday, Trump said the US will have a 'very fair deal with China.' Talks this week in Sweden strengthened trust between the two sides and boosted confidence in resolving economic disputes via discussions, the Communist Party's official newspaper said.
The trade news wasn't limited to foreign countries. US consumers and small businesses will soon face higher costs on shipments, as Trump announced tariffs would apply from Aug. 29 on de minimis shipments, or imports that are below $800. Such shipments have been a boon for consumers and retailers, many of them in China, that ship products direct.
A surprise reprieve for many Brazilian goods rallied its currency and stocks. Meantime, Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning, sending the peso higher.
Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Prospects for a better deal dimmed further when Trump posted on Truth Social that Canada's decision to back Palestinian statehood 'will make it very hard for us to make a Trade Deal with them.'
For South Korea, the 15% includes autos, as well as a $350 billion South Korean fund for US investments including energy and shipbuilding. As with Japan, the US investments would be directed by Trump, the president said. And for both funds, 90% of the profits would flow back to the US, Commerce Secretary Howard Lutnick said in a post on X.
For India, Trump threatened a still-undefined additional penalty over its purchases of Russian energy, on top of a 25% tariff on imports from the nation.
Any move on Russian oil may come up in talks with China, given that Beijing also takes substantial volumes of Moscow's crude, which the US has targeted since its 2022 invasion of Ukraine. Oil was holding Thursday near the highest in almost six months.
Russia Builds a New Web Around Kremlin's Handpicked Super App
Burning Man Is Burning Through Cash
It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan
Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off
Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts
©2025 Bloomberg L.P.
Sign up for the Yahoo Finance Morning Brief
By subscribing, you are agreeing to Yahoo's
Terms
and
Privacy Policy
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Earn $1,000 a Month With E-Commerce Side Hustles and Work Toward Millionaire Status
In uncertain economic times, it's hard to imagine anyone couldn't use an extra $12,000 a year — and more than one in ten side hustlers who pursued a specific niche have made that dream a reality. Get Paid To Watch Videos: Read More: A new study from e-commerce marketing platform Omnisend found that 12% of e-commerce side hustlers are pulling in $1,000 per month from their gigs alone — and a substantial plurality did it with just three-figure startup investments and single-digit hourly commitments per week. You Have To Put in the Hours — But Not Too Many The study, which surveyed 1,000 Americans with side gigs, found that 46% of e-commerce solopreneurs who earn four figures monthly spend just five to ten hours making their efforts pay. Another 25% contribute 11 to 20 hours. 'The fact that almost half of side hustlers are only dedicating five to ten hours a week shows how much can be achieved with the right focus,' said Marty Bauer, e-commerce expert at Omnisend. 'It's proof of how streamlined solutions like dropshipping and print-on-demand have become. You can launch and grow a store without sacrificing your full-time job or family life, but that also means you need to prioritize and be strategic about what you focus on.' Learn More: Success Takes Time, But Just a Few Months, in Many Cases One in three of the success stories has been at it for only between six months and a year. Another 21% have been plugging away for two to five years, and 29% have put in more than five years. 'The longevity of some of these stores is surprising,' said Bauer. 'It really highlights how many people are finding success on their own terms, even if it doesn't happen overnight. Consistency and a focus on organic growth channels seem to be key here. It's not a get-rich-quick scheme, but rather a way for people to turn a hobby or side interest into something more sustainable.' Profit Doesn't Have To Be Cost-Prohibitive One in three launched their business with an investment of just $500 to $1,000. For 46% of e-commerce side hustlers, the most significant cost was transportation. Equipment and supplies consumed the lion's share of expenditures for another 36%. At 29%, marketing finished third. 'Keeping expenses lean from the start lets side hustlers reinvest profit back into growth,' said Bauer. 'They're smart about what's essential and what's not, prioritizing what really matters to customers, like reliable shipping and quality materials. Success most often comes from consistency.' Good Advertising Isn't Always Expensive Advertising It might be surprising that advertising wasn't a top expense for fledgling operations trying to build name recognition — but not for Bauer. 'What they're doing makes a lot of sense,' he said. 'Building your own audience through channels you control is much more sustainable than relying on paid advertising. Retaining customers tends to be cheaper and more reliable than acquiring new ones, and when used well, tools like social media and email can make a significant difference.' The study found that 57% rely on owned social media to drive traffic, and 25% use digital ads. The old-fashioned way worked for 43%, who landed sales through word-of-mouth advertising. Exactly half relied on online marketplaces like Amazon, and e-mail marketing did the heavy lifting for another 32%. Dedicating Time is One Thing — Managing It Is Another Their biggest challenge of all was time management, which 53% struggled with — and any entrepreneur can understand why. 'It's not easy to juggle everything when you're doing it all yourself,' said Bauer. 'Prioritization becomes crucial. If you can focus on the channels and strategies that actually work, you can stretch your resources further.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 5 Types of Cars Retirees Should Stay Away From Buying 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on Earn $1,000 a Month With E-Commerce Side Hustles and Work Toward Millionaire Status
CNN
5 minutes ago
- CNN
Why back-to-school shopping is starting early this year
The National Retail Federation says many families have started back-to-school shopping earlier than usual this year. There are concerns President Donald Trump's tariffs could drive prices higher, so families are looking for deals as they try to avoid any tariff-related price hikes. CNN's Julia Vargas Jones reports.
CNN
5 minutes ago
- CNN
Why back-to-school shopping is starting early this year
The National Retail Federation says many families have started back-to-school shopping earlier than usual this year. There are concerns President Donald Trump's tariffs could drive prices higher, so families are looking for deals as they try to avoid any tariff-related price hikes. CNN's Julia Vargas Jones reports.
