Trump tariffs live updates: Trump says India will face 25% tariffs, holds firm on Aug. 1 deadline
'India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said via a post on Truth Social.
Trump also accused India of buying its military equipment from Russia.
"ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST," Trump posted.
Trump also again said he would not extend Friday's deadline for tariffs to kick in to levels outlined by deals or letters Trump has sent to country leaders.
"THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!" Trump said.
Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in the absence of trade deals.
Meanwhile, the US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies.
This week's talks were the third round for the countries, which have slowly deescalated trade tensions since Trump imposed gargantuan tariffs in April, and China reciprocated. The countries suspended those tariffs for 90 days — a suspension that is set to end on Aug. 12. Bessent said another 90-day extension is possible.
Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday.
Top EU critics say it's a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying and France's Bayrou dubbed the EU's "submission" a "dark day." The agreement includes a baseline tariff rate of 15% on most EU goods imported into the US. Trump called the deal 'the biggest of them all."
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.
Trump says Aug. 1 deadline will not be extended
Two posts from Truth Social this morning:
And:
Harley-Davidson misses second-quarter profit estimates as tariffs weigh
Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker.
Reuters reports:
Read more here.
India eyes fall deadline for US deal amid Trump threats
India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs.
Bloomberg News reports:
Read more here.
Luxury car brands Aston Martin and Porsche report tariff hit
President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown.
While Volkswagen's (VOW3.DE, VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half.
Reuters reports:
Read more here.
Trump: India may get 20% to 25% tariff but not yet final
President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline.
'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.
'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.'
The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
Brazil asks US to spare key food products, planes from tariffs
Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker.
More from Reuters:
Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country.
Read more here.
US-China talks end without further pause, with Trump to make 'final call'
US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time.
"We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden.
"The president can make a final call," he added.
Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive."
Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting.
Read more here.
US goods trade deficit hits nearly 2-year low as imports tumble
The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply.
Reuters reports:
Read more here.
IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook
Reuters reports:
Read more here.
India braces for higher US tariffs, eyes broader trade deal: Sources
India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline.
Reuters reports:
Read more here.
Why markets are shrugging off lack of details in Trump trade deals
The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy."
More from Yahoo Finance's Ben Werschkul:
Read more here.
Tariffs bleed into profits
A few tariff mentions on earnings releases this morning that have caught my attention:
P&G beats on earnings, warns of $1 billion tariff hit
The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs.
Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers.
Read more here.
EU, US rush to clinch final details and lock in trade deal
The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts.
After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out.
Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems.
Bloomberg News reports:
Read more here.
Trump official: More talks needed to clinch India deal
The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
Rating firms say US tariffs alone will not trigger EU sovereign downgrades
Reuters reports:
Read more here.
US trade deal eases tariff uncertainties, but risks remain: Japan
Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy.
Reuters reports:
Read more here.
Philips soars after lifting margin outlook on softer tariff hit
Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared.
Bloomberg News reports:
Read more here.
Stellantis warns of $1.7B US tariff impact in 2025
Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025.
Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit:
Read more here.
Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer
Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy.
Reuters reports:
Read more here.
Trump says Aug. 1 deadline will not be extended
Two posts from Truth Social this morning:
And:
Two posts from Truth Social this morning:
And:
Harley-Davidson misses second-quarter profit estimates as tariffs weigh
Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker.
Reuters reports:
Read more here.
Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker.
Reuters reports:
Read more here.
India eyes fall deadline for US deal amid Trump threats
India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs.
Bloomberg News reports:
Read more here.
India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs.
Bloomberg News reports:
Read more here.
Luxury car brands Aston Martin and Porsche report tariff hit
President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown.
While Volkswagen's (VOW3.DE, VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half.
Reuters reports:
Read more here.
President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown.
While Volkswagen's (VOW3.DE, VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half.
Reuters reports:
Read more here.
Trump: India may get 20% to 25% tariff but not yet final
President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline.
'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.
'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.'
The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline.
'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.
'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.'
The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
Brazil asks US to spare key food products, planes from tariffs
Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker.
More from Reuters:
Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country.
Read more here.
Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker.
More from Reuters:
Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country.
Read more here.
US-China talks end without further pause, with Trump to make 'final call'
US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time.
"We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden.
"The president can make a final call," he added.
Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive."
Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting.
Read more here.
US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time.
"We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden.
"The president can make a final call," he added.
Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive."
Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting.
Read more here.
US goods trade deficit hits nearly 2-year low as imports tumble
The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply.
Reuters reports:
Read more here.
The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply.
Reuters reports:
Read more here.
IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook
Reuters reports:
Read more here.
Reuters reports:
Read more here.
India braces for higher US tariffs, eyes broader trade deal: Sources
India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline.
Reuters reports:
Read more here.
India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline.
Reuters reports:
Read more here.
Why markets are shrugging off lack of details in Trump trade deals
The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy."
More from Yahoo Finance's Ben Werschkul:
Read more here.
The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy."
More from Yahoo Finance's Ben Werschkul:
Read more here.
Tariffs bleed into profits
A few tariff mentions on earnings releases this morning that have caught my attention:
A few tariff mentions on earnings releases this morning that have caught my attention:
P&G beats on earnings, warns of $1 billion tariff hit
The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs.
Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers.
Read more here.
The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs.
Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers.
Read more here.
EU, US rush to clinch final details and lock in trade deal
The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts.
After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out.
Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems.
Bloomberg News reports:
Read more here.
The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts.
After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out.
Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems.
Bloomberg News reports:
Read more here.
Trump official: More talks needed to clinch India deal
The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.
Bloomberg News reports:
Read more here.
Rating firms say US tariffs alone will not trigger EU sovereign downgrades
Reuters reports:
Read more here.
Reuters reports:
Read more here.
US trade deal eases tariff uncertainties, but risks remain: Japan
Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy.
Reuters reports:
Read more here.
Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy.
Reuters reports:
Read more here.
Philips soars after lifting margin outlook on softer tariff hit
Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared.
Bloomberg News reports:
Read more here.
Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared.
Bloomberg News reports:
Read more here.
Stellantis warns of $1.7B US tariff impact in 2025
Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025.
Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit:
Read more here.
Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025.
Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit:
Read more here.
Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer
Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy.
Reuters reports:
Read more here.
Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy.
Reuters reports:
Read more here.
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