Trump tariffs live updates: EU readies its reprisals as Trump pushes for higher tariffs
EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals, per Bloomberg.
'If they want war, they will get war,' a German official told the WSJ, while noting there was still time to hammer out a deal.
Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.
The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal. Trump has threatened the bloc with 30% duties beginning Aug. 1. That is the date he is also set to impose tariffs on an array of other trading partners, as well as potential sectoral levies on copper, pharmaceuticals, and semiconductors.
Trump said last week he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group.
Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics.
On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.
Looking ahead to the holiday season, some retailers are struggling to prepare, not knowing whether products like toys and artificial Christmas trees might be available to import, and what the tariffs might be on a given country.
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.
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
Trump's tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
Trump pushes for 15%-20% minimum tariff on all EU goods
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
Battery materials stocks jump after US lays out 93.5% graphite duty
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
China: Trade talks show there's no need for tariff war
Reuters reports:
Read more here.
US set to impose 93.5% tariff on key battery material from China
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Trump Tariff added $115M in aluminum costs for largest US producer
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
Nordic finance heads urge EU to stand firm in US trade talks
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
EU lines up tariffs on US digital services as retaliation: Sources
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
EU stalls probe into Musk's X amid US trade talks
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade.
The Financial Times reports:
Read more here.
Volvo CEO wants EU to cut 'unnecessary' auto tariffs
Reuters reports:
Read more here.
Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal
President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon.
Bloomberg reports:
Read more here.
Trump says he'll soon send letters to 150 countries, will 'live by the letter' on Japan
President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US.
He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon.
From Bloomberg:
And Reuters:
Canada announces new tariff measures on non-US imported steel to protect domestic industry
Reuters reports:
Read more here.
Striking trade deal with US was an 'extraordinary struggle,' Indonesia says
Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle."
A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone.
'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters.
Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.'
Read more here.
France adds support for using most-potent trade tool on US
France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity.
Bloomberg reports:
Read more here.
Rio Tinto: Tariffs added $300 million in aluminum costs
Bloomberg reports:
Read more here.
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
Trump's tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
Trump pushes for 15%-20% minimum tariff on all EU goods
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
Battery materials stocks jump after US lays out 93.5% graphite duty
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
China: Trade talks show there's no need for tariff war
Reuters reports:
Read more here.
Reuters reports:
Read more here.
US set to impose 93.5% tariff on key battery material from China
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Trump Tariff added $115M in aluminum costs for largest US producer
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
Nordic finance heads urge EU to stand firm in US trade talks
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
EU lines up tariffs on US digital services as retaliation: Sources
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
EU stalls probe into Musk's X amid US trade talks
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade.
The Financial Times reports:
Read more here.
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade.
The Financial Times reports:
Read more here.
Volvo CEO wants EU to cut 'unnecessary' auto tariffs
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal
President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon.
Bloomberg reports:
Read more here.
President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon.
Bloomberg reports:
Read more here.
Trump says he'll soon send letters to 150 countries, will 'live by the letter' on Japan
President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US.
He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon.
From Bloomberg:
And Reuters:
President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US.
He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon.
From Bloomberg:
And Reuters:
Canada announces new tariff measures on non-US imported steel to protect domestic industry
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Striking trade deal with US was an 'extraordinary struggle,' Indonesia says
Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle."
A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone.
'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters.
Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.'
Read more here.
Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle."
A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone.
'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters.
Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.'
Read more here.
France adds support for using most-potent trade tool on US
France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity.
Bloomberg reports:
Read more here.
France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity.
Bloomberg reports:
Read more here.
Rio Tinto: Tariffs added $300 million in aluminum costs
Bloomberg reports:
Read more here.
Bloomberg reports:
Read more here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Bangladesh orders 25 Boeing planes as part of push to ease US tariffs
DHAKA (Reuters) -Bangladesh has ordered 25 aircraft from Boeing (BA) and ramped up imports of key American goods in an effort to defuse trade tensions and bring down the steep tariffs imposed by the Trump administration, a senior official said on Sunday. The moves are part of a broader strategy to narrow a $6 billion U.S. trade deficit with Bangladesh and avoid a looming 35% tariff hike that has rattled the country's export sector, especially the garments industry which risks losing competitiveness in one of its largest markets. For rolling updates on tariffs, check out our liveblog > "We need new aircraft urgently, possibly within the next couple of years," Commerce Secretary Mahbubur Rahman told reporters. "Initially, it was 14 planes — now it's 25," he said, referring to an earlier plan to purchase aircraft from the U.S.-based manufacturer. Alongside the aircraft deal, Bangladesh is boosting imports of wheat, soybean oil and cotton from the United States. A new agreement signed earlier this month will see the country import 700,000 tonnes of U.S. wheat annually over the next five years. Officials hope that these steps will help improve trade relations with Washington and soften the impact of the Trump administration's tariff measures. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Yahoo
China, US to extend tariff pause at Sweden talks by another 90 days, SCMP reports
(Reuters) -Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday, the South China Morning Post (SCMP) reported on Sunday, citing people familiar with the matter. During the expected 90-day extension, the U.S. and China will agree not to introduce new tariffs or take other actions that could further escalate the trade war, the report said. While the earlier discussions in Geneva and London focused on "de-escalation", the latest meeting the Chinese delegation will also press Trump's trade team on fentanyl-related tariffs, the report further said, citing three sources familiar with the matter. Reuters could not immediately verify the report. The White House did not immediately respond to requests for comment. The third round of U.S.-China talks is set to be held in Stockholm on Monday to tackle longstanding economic disputes at the centre of the countries' trade war.
Yahoo
6 minutes ago
- Yahoo
Trump tariffs live updates: China truce extension expected, Lutnick discusses EU deal potential
The South China Morning Post reported on Sunday that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." The Hong Kong-based English-language newspaper, citing a source, added that during the extension "the two nations will commit to not impose additional tariffs on each other, nor escalate the trade war by other means." Also on Sunday, with President Trump in Scotland for negotiations with European Commission President Ursula von der Leyen, US Commerce Secretary Howard Lutnick said that the EU has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. "The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30% tariffs that he set," Lutnick told Fox News, adding that Trump was looking to increase access for U.S. firms. On Friday, Trump put the odds of a trade deal with the European Union at "50-50," even as negotiators from both sides have expressed optimism about reaching a deal before the Aug. 1 deadline. Trump also said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement. President Trump last week touted a $550 billion investment in the US that Japan made as part of trade negotiations that set a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance a Taiwanese chipmaker building plants in the US. Akazawa did not name a specific Taiwanese company, but in March, Taiwan's TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating. "For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that's fine too," he said. In any case, the Japan trade deal may have set a precedent for Trump's new baseline tariff rate. As the US finalized the deal with Japan and advanced talks with the EU, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates. Trump's April "Liberation Day" tariffs had set a baseline rate of 10% on all US trading partners. 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. SCMP reports China-US another 90-day tariff extension The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." More from the Hong-Kong-based SCMP: Read more here. Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. SCMP reports China-US another 90-day tariff extension The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." More from the Hong-Kong-based SCMP: Read more here. The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." More from the Hong-Kong-based SCMP: Read more here. Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. Reuters reports: Read more here.
