Trump tariffs live updates: Trump defends tariffs ahead of court drama as countries race to strike deals
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Trump also criticized Canada on Thursday via Truth Social after it backed Palestinian statehood, saying the move would make it difficult to strike a trade and tariff deal.
Prior to Trump's attack on Canada, the US president unleashed a flurry of deals and trade moves on Wednesday, which included a new pact with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump's post on Truth Social.
Trump said the deal also features a $350 billion investment from South Korea in the US, as well as purchases of liquified natural gas and other energy products.
Deals were also expected with Thailand and Cambodia after Monday's ceasefire. A deal with Taiwan was also reportedly near.
Earlier Wednesday, the president made other moves, including threatening a 25% tariff on goods from India and slapping 50% tariffs on many goods from Brazil.
Trump also signed several orders Wednesday:
One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper crap and input materials.
Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
The third order targets Brazil with 50% tariffs, but exempts key US imports like orange juice and aircraft parts.
Trump reiterated he would not extend Friday's deadline for new tariff levels to kick in.
Meanwhile, Treasury Secretary Scott Bessent said on Thursday that the US and China now have "the makings of a trade deal."
Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday.
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.
A list of President Trump's tariff deals and non-deals with trading partners
On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided.
Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US.
China: 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.
UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports.
Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US.
Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April.
South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan.
India: On Wednesday Trump threatened a 25% tariff on goods from India.
Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline.
Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning.
Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire.
Trump unleashes a flurry of trade surprises on eve of deadline
President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order.
On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons.
Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday.
Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs.
Bloomberg News reports:
Read more here.
Brazil sees 35.9% of exports to US facing steeper tariff: Sources
Reuters reports:
Read more here.
Trump: Tariffs are making 'America great and rich again'
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
What's in the US-EU trade deal depends on who is doing the talking
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Trump back in court Thursday to defend the tariffs he plans to impose Friday
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
EU wine, spirits to face 15% US tariff from August 1: EU official
Reuters reports:
Read more here.
Trump tariff surprise triggers implosion of massive copper trade
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Lutnick: US made trade deals with Thailand and Cambodia
Bloomberg News reports:
Read more here.
BMW sticks with guidance despite profit drop, Trump's tariffs
German carmaker BMW (BMW.DE) maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals.
Reuters reports:
Read more here.
Trump says Canada Palestine support threatens trade deal
President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor.
"Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social.
The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025.
Bloomberg News reports:
Read more here.
US sets Korea tariff rate at 15% in deal with key supplier
The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding.
President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached.
"I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote.
"Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."
Bloomberg News reports:
Read more here.
Trump says US has reached trade deal with Pakistan
President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves.
Trump wrote on Truth Social:
Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate.
The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia.
Powell on tariff-related price increases: Companies will 'cross the street in a group'
Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods.
"They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs.
Powell's comments echoed some of what we've heard from companies so far this earnings season.
While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs.
Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs.
Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase.
"That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said.
Read more live coverage of corporate earnings.
Trump ends tariff break for low-value goods in blow to online retailers
President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800.
Bloomberg reports:
Read more here from Bloomberg.
Trump signs order to justify 50% tariffs on Brazil
President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro.
AP reports:
Read more here.
Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end'
Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal.
"Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady.
Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker.
'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down."
"It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come."
Trump administration announces 50% tariffs on some copper imports
President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1.
According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1."
The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February.
The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure.
Read more here from Reuters.
Trump's trade deals come with few details to flesh out big numbers
President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny.
Bloomberg reports:
Read more here.
On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided.
Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US.
China: 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.
UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports.
Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US.
Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April.
South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan.
India: On Wednesday Trump threatened a 25% tariff on goods from India.
Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline.
Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning.
Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire.
President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order.
On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons.
Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday.
Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs.
Bloomberg News reports:
Read more here.
Brazil sees 35.9% of exports to US facing steeper tariff: Sources
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump: Tariffs are making 'America great and rich again'
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.
The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"
On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.
Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.
What's in the US-EU trade deal depends on who is doing the talking
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:
Read more here.
Trump back in court Thursday to defend the tariffs he plans to impose Friday
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again."
"To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.
Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:
Read more here.
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.
AP reports:
Read more here.
EU wine, spirits to face 15% US tariff from August 1: EU official
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump tariff surprise triggers implosion of massive copper trade
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Bloomberg reports:
The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.
President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said.
Read more here.
Lutnick: US made trade deals with Thailand and Cambodia
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
BMW sticks with guidance despite profit drop, Trump's tariffs
German carmaker BMW (BMW.DE) maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals.
Reuters reports:
Read more here.
German carmaker BMW (BMW.DE) maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals.
Reuters reports:
Read more here.
Trump says Canada Palestine support threatens trade deal
President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor.
"Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social.
The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025.
Bloomberg News reports:
Read more here.
President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor.
"Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social.
The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025.
Bloomberg News reports:
Read more here.
US sets Korea tariff rate at 15% in deal with key supplier
The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding.
President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached.
"I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote.
"Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."
Bloomberg News reports:
Read more here.
The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding.
President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached.
"I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote.
"Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."
Bloomberg News reports:
Read more here.
Trump says US has reached trade deal with Pakistan
President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves.
Trump wrote on Truth Social:
Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate.
The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia.
President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves.
Trump wrote on Truth Social:
Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate.
The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia.
Powell on tariff-related price increases: Companies will 'cross the street in a group'
Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods.
"They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs.
Powell's comments echoed some of what we've heard from companies so far this earnings season.
While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs.
Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs.
Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase.
"That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said.
Read more live coverage of corporate earnings.
Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods.
"They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs.
Powell's comments echoed some of what we've heard from companies so far this earnings season.
While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs.
Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs.
Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase.
"That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said.
Read more live coverage of corporate earnings.
Trump ends tariff break for low-value goods in blow to online retailers
President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800.
Bloomberg reports:
Read more here from Bloomberg.
President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800.
Bloomberg reports:
Read more here from Bloomberg.
Trump signs order to justify 50% tariffs on Brazil
President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro.
AP reports:
Read more here.
President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro.
AP reports:
Read more here.
Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end'
Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal.
"Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady.
Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker.
'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down."
"It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come."
Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal.
"Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady.
Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker.
'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down."
"It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come."
Trump administration announces 50% tariffs on some copper imports
President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1.
According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1."
The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February.
The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure.
Read more here from Reuters.
President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1.
According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1."
The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February.
The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure.
Read more here from Reuters.
Trump's trade deals come with few details to flesh out big numbers
President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny.
Bloomberg reports:
Read more here.
President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny.
Bloomberg reports:
Read more here.
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