India's 50% Tariff Is a US Sanction in Disguise
Secondary sanctions impose a cost on third parties for allegedly enabling bad behavior by someone else. If a US bank, port, ship, or company is prohibited from engaging in a transaction involving the Russian financial system, then a secondary sanction can make it potentially illegal for non-Americans, too.
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Yahoo
15 minutes ago
- Yahoo
Trump tariffs live updates: Nvidia and AMD agree to unusual revenue deal, China deadline looms
Nvidia (NVDA) and AMD (AMD) have agreed to pay the US 15% of the revenue for certain chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. 'To call this unusual or unprecedented would be a staggering understatement,' Stephen Olson, a former US trade negotiator, told Bloomberg. 'What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that's the case, we've entered into a new and dangerous world.' The chips reportedly include Nvidia's H20 AI accelerator and AMD's MI308 chips, which the Trump administration had previously targeted with export controls. Also on Sunday, President Trump urged China to quadruple soybean purchases ahead of an Aug. 12 deadline to either extend a tariff pause or allow higher tariff rates on Chinese goods entering the US to kick in. Trump's latest sweeping "reciprocal" tariffs hit US trade partners last week. 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. Why Trump's soybean ask of China is 'highly unlikely' China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Swiss economy seen weathering Trump's tariff shock for now Bloomberg News reports: Read more here. Commentary: Tariffs are denting profits, and maybe soon your portfolio With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. A 240-year-old Swiss watchmaker's race to beat Trump's tariff deadline It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. Tariffs are starting to squeeze farmers' profits President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. China defends buying Russian oil after Trump's tariff threat China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. Gold bar tariff surprise gives new blow to Switzerland The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here. Japan says US confirms car levy cuts and end to stacking The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo's trade negotiator Ryosei Akazawa. Bloomberg News reports: His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month. The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. There has so far been no official comment on the latest meetings from the US side. Read more here. Germany's auto association says EU-US trade deal must take effect now Reuters reports: US expects $50B a month in tariff revenues, Lutnick says US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect. Reuters reports: Read more here. India's state refiners pause Russia oil buys as US adds pressure India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today. Bloomberg News reports: Companies including Indian Oil Corp. ( Bharat Petroleum Corp. ( and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. That will affect buying of the Russia's Urals cargoes for October-loading, they added. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine. Read more here. When soccer and tariffs collide Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs. The FT reports: Read more here. Apple expands 18-year-old iPhone glass deal in bid to avoid Trump tariffs Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new. Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement. Bloomberg News reports: Read more here. Confusion over tariff stacking hampers Japan's bid to pin down US trade deal Bloomberg News reports: Read more here. Why Trump's soybean ask of China is 'highly unlikely' China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Swiss economy seen weathering Trump's tariff shock for now Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Commentary: Tariffs are denting profits, and maybe soon your portfolio With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. A 240-year-old Swiss watchmaker's race to beat Trump's tariff deadline It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. Tariffs are starting to squeeze farmers' profits President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. China defends buying Russian oil after Trump's tariff threat China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. Gold bar tariff surprise gives new blow to Switzerland The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here. The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here. Japan says US confirms car levy cuts and end to stacking The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo's trade negotiator Ryosei Akazawa. Bloomberg News reports: His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month. The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. There has so far been no official comment on the latest meetings from the US side. Read more here. The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo's trade negotiator Ryosei Akazawa. Bloomberg News reports: His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month. The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. There has so far been no official comment on the latest meetings from the US side. Read more here. Germany's auto association says EU-US trade deal must take effect now Reuters reports: Reuters reports: US expects $50B a month in tariff revenues, Lutnick says US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect. Reuters reports: Read more here. US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect. Reuters reports: Read more here. India's state refiners pause Russia oil buys as US adds pressure India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today. Bloomberg News reports: Companies including Indian Oil Corp. ( Bharat Petroleum Corp. ( and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. That will affect buying of the Russia's Urals cargoes for October-loading, they added. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine. Read more here. India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today. Bloomberg News reports: Companies including Indian Oil Corp. ( Bharat Petroleum Corp. ( and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. That will affect buying of the Russia's Urals cargoes for October-loading, they added. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine. Read more here. When soccer and tariffs collide Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs. The FT reports: Read more here. Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs. The FT reports: Read more here. Apple expands 18-year-old iPhone glass deal in bid to avoid Trump tariffs Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new. Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement. Bloomberg News reports: Read more here. Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new. Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement. Bloomberg News reports: Read more here. Confusion over tariff stacking hampers Japan's bid to pin down US trade deal Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
Europe races to try to influence US position ahead of Trump-Putin talks
BRUSSELS (Reuters) -Polish Prime Minister Donald Tusk said that the U.S. had pledged to consult with Europe ahead of a summit with Russia's Vladimir Putin, as European ministers prepare for discussions amid fears Washington may dictate unfavourable peace terms to Ukraine. European Union foreign ministers were due to hold a video conference on Monday afternoon to discuss their support for Kyiv and the upcoming meeting. U.S. President Donald Trump announced last week he would meet Putin on Friday in Alaska to negotiate an end to the 3-1/2-year war, which began with Russia's full-scale invasion of its neighbour. "The American side has promised that it will consult with European partners on its position before the meeting in Alaska," Poland's Tusk told a press conference. 'I will wait... for the effects of the meeting between Presidents Trump and Putin - I have many fears and a lot of hope," he said. Ukrainian President Volodymyr Zelenskiy said on Monday that concessions to Moscow would not persuade it to stop fighting in Ukraine and that there was a need to ramp up pressure on the Kremlin. European officials have sought to influence the White House's positioning ahead of the Alaska talks, emphasizing the need to safeguard Ukraine's sovereignty, provide security guarantees and allow Kyiv to choose its own path. U.S. Vice President JD Vance met European and Ukrainian officials over the weekend, and European leaders are expected to conduct more outreach to Washington in the coming days. "Any deal between the U.S. and Russia must have Ukraine and the EU included, for it is a matter of Ukraine's and the whole of Europe's security," EU foreign policy chief Kaja Kallas said on Sunday. European leaders have also underscored their commitment to the idea that international borders cannot be changed by force, as EU capitals fear a deal forced on Kyiv could create a dangerous precedent. "Regarding territorial issues, the Russian position is framed as a territorial swap, but it appears as a rather one-sided swap," a European Commission official said on Sunday. "In the context of these talks, the U.S. administration has been very involved and has shown interest in aligning positioning with Europe," the official said. "The most robust security guarantee would be that there are no limitations on Ukraine armed forces and third countries' support to Ukraine."
Yahoo
15 minutes ago
- Yahoo
Indian central bank fines ICICI Bank for regulatory non-compliance
The Reserve Bank of India (RBI) has imposed a financial penalty of Rs7.5m ($85,479) on ICICI Bank for regulatory non-compliance. The fine has been imposed due to the bank's failure to adhere to specific directives regarding the 'Valuation of Properties - Empanelment of Valuers' and 'Opening of Current Accounts by Banks – Need for discipline'. The penalty follows a Statutory Inspection for Supervisory Evaluation (ISE 2024) conducted by RBI, which assessed the bank's financial status as of 31 March 2024. The inspection revealed instances of non-compliance with RBI's directives, prompting the issuance of a notice to the bank, requesting an explanation as to why a penalty should not be applied, according to RBI. After reviewing the bank's response to the notice, along with additional submissions and oral arguments presented during a personal hearing, RBI concluded that the following violations warranted the financial penalty. The bank failed to obtain property valuations from independent valuers for certain mortgage loans. The bank opened and maintained certain current accounts in violation of existing regulatory standards. RBI stated that this penalty is based solely on the identified regulatory compliance issues and does not comment on the legality of any transactions or agreements made by the bank with its clients. Additionally, the imposition of this monetary penalty does not preclude RBI from pursuing further actions against the bank, noted RBI. "Indian central bank fines ICICI Bank for regulatory non-compliance" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
