Insight with Haslinda Amin 7/7/2025
Insight with Haslinda Amin, a daily news program featuring in-depth, high-profile interviews and analysis to give viewers the complete picture on the stories that matter. The show features prominent leaders spanning the worlds of business, finance, politics and culture. (Source: Bloomberg)
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Yahoo
19 minutes ago
- Yahoo
Trump tariffs live updates: Trump tells Japan, South Korea leaders he's imposing 25% tariffs
President Trump on Monday said he was imposing 25% tariffs on imports from both South Korea and Japan, and he warned of added duties to countries embracing what he called "anti-American" policies of the BRICS bloc nations. Trump on social media posted letters sent to the leaders of Japan and South Korea informing them of those duties, which he said would take effect Aug. 1. He warned that those levels would go higher if the countries imposed tariffs in retaliation. Trump has begun sending out letters to countries to notify them of the tariff rates they will face on exports to the US, to go into effect on Aug. 1. He said duties could go as high as 70%. Trump had grown openly frustrated with negotiations with Japan in particular, calling the nation "spoiled" and threatening tariffs as high as 35%. Talks with South Korea, however, had continued throughout the weekend. Here is where things stand with various other partners: China: The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed to a framework to move toward a larger trade deal. Vietnam: Trump said he had reached a trade deal with Vietnam, one that will see the country's imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China. European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for sectors. Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. President Trump posted two nearly identical letters addressed to the leaders of Japan and South Korea outlining new tariff rates on Monday. In the letters, Trump said he will place a 25% tariff on imports from the two countries beginning Aug. 1. Any goods that are transshipped through those countries to evade higher tariffs will face the higher duties based on the country of origin. Japan faced a 24% tariff rate in April before the tariff pause, while South Korea had a 25% tariff rate applied to its goods. Trump claimed "longterm, and very persistent" trade deficits were the basis for reordering the trade relationships. "There will be no Tariff if Japan, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely — In other words, in a matter of weeks," Trump wrote in the letter to Japan posted to his Truth Social account. Trump also threatened that if either country raises its tariffs on US goods, the US will retaliate by raising tariffs by the same amount. More letters are expected to come today. Read more here. In a scathing attack, President Trump took to Truth Social to target any country that aligns itself with what he called "anti-American" policies, which he said are being pushed by the BRICS nations. The BRICS countries, which include Brazil, China, Russia, and India, met over the weekend and condemned the attacks on Iran as well as unilateral tariffs. In a joint statement, leaders took a swipe at Trump's tariffs, saying they 'voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.' Trump posted on Truth Social and said he would put an additional 10% tariff on any country that supports the "anti-US" stance of BRICS. 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,' Trump said in a Truth Social post. 'There will be no exceptions to this policy.' Bloomberg News reports: Read more here. The EU faces a tough challenge this week — either swallow higher tariffs to avoid a trade war with the US or retaliate to put pressure on the US to compromise. The FT reports: Read more here. The European Union said on Monday that they are working towards securing a bare-bones trade deal with the US before the tariff deadline of July 9 after President Trump and Treasury Secretary Scott Bessent said that tariffs on US trading partners will revert back to their April rates next month. The Wall Street Journal reports: Read more here. Companies are scrambling to find ways around President Trump tariffs, with some turning to Depression-era policy to avoid hikes on goods imported into the US. One such example, is the use of tariff free zones, which allows businesses to avoid paying tariffs on imports until they want to. CNN reports: Read more here. As the next tariff deadline approaches, the graphic below shows how tariffs have changed over the past several months and where they could go once the tariff pause is lifted. So far, the US has struck two trade deals (with the UK and Vietnam), instituted an informal pact with China, and is in negotiations with its other major trading partners. President Trump has promised to send countries letters outlining new tariff rates, which could determine the next phase of negotiations once the tariff pause expires or is extended until August. President Trump's tariffs have started to hit German carmaker Mercedes-Benz, who said on Monday that its second-quarter unit sales of cars and vans fell 9%. Reuters reports: Read more here. Bloomberg News reports: Walk down the aisles of a Trader Joe's or Whole Foods Market in the US, and chances are many of the piles of oranges, lemons, limes and grapefruit will be labeled 'Produce of South Africa.' Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. India said on Monday that it has made its best offer to the US when it comes to trade and the fate of the deal now lies in the hands of President Trump. Bloomberg News reports: Read more here. US consumers are already thinking twice about how much they plan to spend this summer, with many costing up the price of travel and dining out, according to a Yahoo Finance/Marist Poll. The majority of Americans are concerned about their personal finances due to uncertainty over tariffs. Yahoo Finance's senior reporter, Brooke DiPalma delves into the worries US consumers now face, as tariffs hit. Read more here. President Trump said on Saturday that his administration is very close to finalizing several trade agreements in the coming days and will start to notify other countries of higher tariff rates by July 9, which will take effect on August 1. Trump promised to have 90 deals in 90 days, but has only managed to secure a handful of agreements. So whats the state of play for US trading partners? Reuters reports: Read more here. Portugal has waded into the President Trump tariff saga, with its Finance Minister Joaquim Miranda Sarmento saying that he now sees the European Union and the US reaching an agreement with tariffs that will potentially fall below 10%, allowing trade to flow more freely. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. US Treasury Scott Bessent said Sunday that the Trump administration is close to securing trade agreements with several countries ahead of President Trump's self-imposed July 8 tariffs deadline, Reuters reported: Read more here (AP) China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union's restrictions on the sale of similar products from China. European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country. China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products. Read more here Major US trading partners scrambled over the weekend to finalize trade deals or lobby for extra time as President Donald Trump said he's notifying about a dozen countries on Monday of the new tariff level on their shipments to the US. 'I signed some letters and they'll go out on Monday – probably 12,' Trump told reporters over the Fourth of July weekend, adding that the missives involve 'different amounts of money, different amounts of tariffs and somewhat different statements.' Asked to identify the countries, he said, 'I have to announce it on Monday.' Trump's latest remarks suggest talks remain fluid and deals elusive, three days before the July 9 deadline announced by the US administration. The letters initially were supposed to go out on July 4 with a tariff imposition date of Aug. 1, based on Trump's earlier comments. But US officials were busily negotiating through the holiday weekend, including with Japan, South Korea, the European Union, India and Vietnam. Read more here President Trump's self-imposed July 9 deadline to raise "reciprocal" tariffs on trading partners is approaching, and despite the president recently suggesting the date was not set, Bloomberg reports the world economy could stand a little more clarity from Washington about what comes next, and when. Read more here Data from shipping company Maersk has shown that tariff costs on imports entering the US are coming down. FreightWaves reports: Read more here. Now President Trump's Big Beautiful Bill is all but wrapped up and the Israel-Iran crisis subsiding, the spotlight has turned back to tariffs and trade, placing Washington's Commerce Secretary Howard Lutnick back in the thick of it. Bloomberg News reports: Read more here. President Trump posted two nearly identical letters addressed to the leaders of Japan and South Korea outlining new tariff rates on Monday. In the letters, Trump said he will place a 25% tariff on imports from the two countries beginning Aug. 1. Any goods that are transshipped through those countries to evade higher tariffs will face the higher duties based on the country of origin. Japan faced a 24% tariff rate in April before the tariff pause, while South Korea had a 25% tariff rate applied to its goods. Trump claimed "longterm, and very persistent" trade deficits were the basis for reordering the trade relationships. "There will be no Tariff if Japan, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely — In other words, in a matter of weeks," Trump wrote in the letter to Japan posted to his Truth Social account. Trump also threatened that if either country raises its tariffs on US goods, the US will retaliate by raising tariffs by the same amount. More letters are expected to come today. Read more here. In a scathing attack, President Trump took to Truth Social to target any country that aligns itself with what he called "anti-American" policies, which he said are being pushed by the BRICS nations. The BRICS countries, which include Brazil, China, Russia, and India, met over the weekend and condemned the attacks on Iran as well as unilateral tariffs. In a joint statement, leaders took a swipe at Trump's tariffs, saying they 'voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.' Trump posted on Truth Social and said he would put an additional 10% tariff on any country that supports the "anti-US" stance of BRICS. 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,' Trump said in a Truth Social post. 'There will be no exceptions to this policy.' Bloomberg News reports: Read more here. The EU faces a tough challenge this week — either swallow higher tariffs to avoid a trade war with the US or retaliate to put pressure on the US to compromise. The FT reports: Read more here. The European Union said on Monday that they are working towards securing a bare-bones trade deal with the US before the tariff deadline of July 9 after President Trump and Treasury Secretary Scott Bessent said that tariffs on US trading partners will revert back to their April rates next month. The Wall Street Journal reports: Read more here. Companies are scrambling to find ways around President Trump tariffs, with some turning to Depression-era policy to avoid hikes on goods imported into the US. One such example, is the use of tariff free zones, which allows businesses to avoid paying tariffs on imports until they want to. CNN reports: Read more here. As the next tariff deadline approaches, the graphic below shows how tariffs have changed over the past several months and where they could go once the tariff pause is lifted. So far, the US has struck two trade deals (with the UK and Vietnam), instituted an informal pact with China, and is in negotiations with its other major trading partners. President Trump has promised to send countries letters outlining new tariff rates, which could determine the next phase of negotiations once the tariff pause expires or is extended until August. President Trump's tariffs have started to hit German carmaker Mercedes-Benz, who said on Monday that its second-quarter unit sales of cars and vans fell 9%. Reuters reports: Read more here. Bloomberg News reports: Walk down the aisles of a Trader Joe's or Whole Foods Market in the US, and chances are many of the piles of oranges, lemons, limes and grapefruit will be labeled 'Produce of South Africa.' Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. India said on Monday that it has made its best offer to the US when it comes to trade and the fate of the deal now lies in the hands of President Trump. Bloomberg News reports: Read more here. US consumers are already thinking twice about how much they plan to spend this summer, with many costing up the price of travel and dining out, according to a Yahoo Finance/Marist Poll. The majority of Americans are concerned about their personal finances due to uncertainty over tariffs. Yahoo Finance's senior reporter, Brooke DiPalma delves into the worries US consumers now face, as tariffs hit. Read more here. President Trump said on Saturday that his administration is very close to finalizing several trade agreements in the coming days and will start to notify other countries of higher tariff rates by July 9, which will take effect on August 1. Trump promised to have 90 deals in 90 days, but has only managed to secure a handful of agreements. So whats the state of play for US trading partners? Reuters reports: Read more here. Portugal has waded into the President Trump tariff saga, with its Finance Minister Joaquim Miranda Sarmento saying that he now sees the European Union and the US reaching an agreement with tariffs that will potentially fall below 10%, allowing trade to flow more freely. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. US Treasury Scott Bessent said Sunday that the Trump administration is close to securing trade agreements with several countries ahead of President Trump's self-imposed July 8 tariffs deadline, Reuters reported: Read more here (AP) China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union's restrictions on the sale of similar products from China. European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country. China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products. Read more here Major US trading partners scrambled over the weekend to finalize trade deals or lobby for extra time as President Donald Trump said he's notifying about a dozen countries on Monday of the new tariff level on their shipments to the US. 'I signed some letters and they'll go out on Monday – probably 12,' Trump told reporters over the Fourth of July weekend, adding that the missives involve 'different amounts of money, different amounts of tariffs and somewhat different statements.' Asked to identify the countries, he said, 'I have to announce it on Monday.' Trump's latest remarks suggest talks remain fluid and deals elusive, three days before the July 9 deadline announced by the US administration. The letters initially were supposed to go out on July 4 with a tariff imposition date of Aug. 1, based on Trump's earlier comments. But US officials were busily negotiating through the holiday weekend, including with Japan, South Korea, the European Union, India and Vietnam. Read more here President Trump's self-imposed July 9 deadline to raise "reciprocal" tariffs on trading partners is approaching, and despite the president recently suggesting the date was not set, Bloomberg reports the world economy could stand a little more clarity from Washington about what comes next, and when. Read more here Data from shipping company Maersk has shown that tariff costs on imports entering the US are coming down. FreightWaves reports: Read more here. Now President Trump's Big Beautiful Bill is all but wrapped up and the Israel-Iran crisis subsiding, the spotlight has turned back to tariffs and trade, placing Washington's Commerce Secretary Howard Lutnick back in the thick of it. Bloomberg News reports: Read more here. 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
Wall Street Journal
23 minutes ago
- Wall Street Journal
Trump's Expected 25% Tariffs on South Korea, Japan Align With ‘Liberation Day' Rates
President Trump's newly announced 25% tariffs on goods from South Korea and Japan closely reflect tariffs for each nation that Trump had announced on April 2, before implementing a 90-day pause that was set to expire Wednesday. Under his earlier announced so-called reciprocal tariff action, Japan was set to receive a 24% tariff, with South Korea getting 25%. The administration offered no immediate explanation for why it increased the Japanese tariff by a single percentage point from the announcement on April 2, which Trump had dubbed "Liberation Day."
Wall Street Journal
23 minutes ago
- Wall Street Journal
Trump Announces 25% Tariffs on Goods From Japan and South Korea
President Trump on Monday announced 25% tariffs on goods from South Korea and Japan heading into the U.S. The tariffs will take effect on Aug. 1, according to letters from Trump addressed to the countries' leaders. The correspondence also confirms Trump's new deadline gives countries some wiggle room to come to a trade deal with the U.S. heading into August. Trump wrote that if the countries made adjustments to their trade practices with the U.S., then the tariff rate could come down or go up depending on the results.
