Trump tariffs live updates: Trump boasts of tariff billions, vows to punish China for Russian oil
"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote.
The US president added that this additional money will come "largely from countries" that he says has taken "advantage" of the US.
"RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA."
Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.
As the trade deadline loomed Wednesday, Trump signed an executive order imposing an additional 25% tariff on India over its purchases of Russian oil. The new tariff, which will come into effect in 21 days, is set to "stack" on top of an existing country-specific tariff of 25%, which takes effect today.
In doing so, Trump is set to make good on a threat for higher tariffs on India, as he has accused the country of effectively financing the Russian war in Ukraine. "They're fueling the war machine," he charged in a CNBC interview.
Trump also floated the idea of higher tariffs on China due to Beijing's purchase of Russian oil. Trump said he would punish China with additional tariffs.
Outside of China and India, Switzerland is the developed nation whose goods face a whopping increase: up to 39%.
You can see the new rates Trump is set to levy in the graphic below:
Trump also said that he would soon announce tariffs on semiconductor and pharmaceutical imports, as he prepares to add more sectoral duties to his mix of tariffs. He said duties on pharma could eventually balloon as high as 250%. On Wednesday, during a White House event with Apple (AAPL) CEO Tim Cook, he suggested he would impose a tariff of 100% on "all chips and semiconductors coming into the United States."
In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:
Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.
Trump hiked tariffs on Canadian imports to 35%, though goods contained in the US-Mexico-Canada agreement are exempt, keeping this hike's impact limited so far.
The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports.
Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.
The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts.
The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.
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 billions of dollars will now 'flow' into the US due to tariffs
President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs.
"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote.
Trump wrote that this money will come from countries he claims has taken advantaged of the US for years.
."RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA."
Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.
Now the world waits to see how these new tariffs will affect the global economy.
Toyota warns of $9.5B tariff hit, slashes annual profit forecast
Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US.
Reuters reports;
Read more here.
Trump vs Modi: India hits back at at US for 50% tariff
India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country.
Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil.
Bloomberg News reports:
Read more here.
TSMC hits record; Taiwan says tech giant exempt from US tariffs
Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US.
Bloomberg News:
Read more here.
Trump floats possible tariffs on China for buying Russia oil
Bloomberg News reports:
Read more here.
Trump says he plans to set tariffs on computer chips at 100%
President Trump said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff.
Reuters reports:
Read more here.
Apple set to dodge bulk of India tariffs
Yahoo Finance's Dan Howley reports:
Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company.
Modi's rival blasts 'bully' Trump as public opinion hardens
Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a "bully" for his negotiation tactics.
Bloomberg reports:
Read more here.
Trump order lowering tariffs on EU autos still days away: source
European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue.
Reuters reports:
Read more here.
Alcohol groups say tariffs put $2B in sales and 25,000 jobs at risk
In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk.
Reuters reports:
Read more here.
Trump hits India with additional 25% tariff over Russia oil buys
President Trump has hit India with an additional 25% tariff due to India's purchase of Russian oil. The US president threatened India with higher tariffs earlier this week, which India's Prime Minister Narendra Modi called "unjustified," also calling out the US for its double standard over Russia.
In an interview with CNBC on Tuesday, Trump said that India was helping to fuel the war machine.
'They're fueling the war machine. And if they're going to do that, then I'm not going to be happy,' Trump said.
In the early days of trade negotiations, relations between the US and India appeared more friendly, with both sides saying they would reach a deal within days. However, over recent months ,things seem to have turned sour as neither side can agree on some of the finer details within the deal, which concern dairy and agricultural products.
As a result, a trade war seems to have developed between the two sides, and now with this additional 25% tariff gift from Trump to Modi, the two seem further away from reaching an agreement than ever before.
Carney says he'll look at opportunities to remove tariffs on US
Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war.
Bloomberg News reports:
Read more here.
Trump says Japan to import Ford's huge F-150 pickup trucks
President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month.
Bloomberg News reports:
Read more here.
US investments under trade deal will be determined by benefits for Tokyo: Japan
Reuters reports:
Read more here.
Honda Q1 operating profit halves on tariffs
Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast.
Reuters reports:
Read more here.
China draws red lines on US chip tracking with Nvidia meeting
China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors.
Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector.
Bloomberg News reports:
Read more here.
Trump says he's readying more tariffs on Russian energy buyers
Bloomberg News reports:
Read more here.
Canada to help lumber industry cope with US tariffs: Carney
Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs.
Reuters reports:
Read more here.
Starbucks under pressure again as Brazilian tariffs hike coffee costs
Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
EU continues to press for tariff exemption on wine, spirits as part of US deal
The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month.
The WSJ reports:
Read more here.
President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs.
"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote.
Trump wrote that this money will come from countries he claims has taken advantaged of the US for years.
."RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA."
Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.
Now the world waits to see how these new tariffs will affect the global economy.
Toyota warns of $9.5B tariff hit, slashes annual profit forecast
Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US.
Reuters reports;
Read more here.
Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US.
Reuters reports;
Read more here.
Trump vs Modi: India hits back at at US for 50% tariff
India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country.
Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil.
Bloomberg News reports:
Read more here.
India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country.
Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil.
Bloomberg News reports:
Read more here.
TSMC hits record; Taiwan says tech giant exempt from US tariffs
Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US.
Bloomberg News:
Read more here.
Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US.
Bloomberg News:
Read more here.
Trump floats possible tariffs on China for buying Russia oil
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Trump says he plans to set tariffs on computer chips at 100%
President Trump said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff.
Reuters reports:
Read more here.
President Trump said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff.
Reuters reports:
Read more here.
Apple set to dodge bulk of India tariffs
Yahoo Finance's Dan Howley reports:
Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company.
Yahoo Finance's Dan Howley reports:
Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company.
Modi's rival blasts 'bully' Trump as public opinion hardens
Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a "bully" for his negotiation tactics.
Bloomberg reports:
Read more here.
Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a "bully" for his negotiation tactics.
Bloomberg reports:
Read more here.
Trump order lowering tariffs on EU autos still days away: source
European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue.
Reuters reports:
Read more here.
European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue.
Reuters reports:
Read more here.
Alcohol groups say tariffs put $2B in sales and 25,000 jobs at risk
In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk.
Reuters reports:
Read more here.
In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk.
Reuters reports:
Read more here.
Trump hits India with additional 25% tariff over Russia oil buys
President Trump has hit India with an additional 25% tariff due to India's purchase of Russian oil. The US president threatened India with higher tariffs earlier this week, which India's Prime Minister Narendra Modi called "unjustified," also calling out the US for its double standard over Russia.
In an interview with CNBC on Tuesday, Trump said that India was helping to fuel the war machine.
'They're fueling the war machine. And if they're going to do that, then I'm not going to be happy,' Trump said.
In the early days of trade negotiations, relations between the US and India appeared more friendly, with both sides saying they would reach a deal within days. However, over recent months ,things seem to have turned sour as neither side can agree on some of the finer details within the deal, which concern dairy and agricultural products.
As a result, a trade war seems to have developed between the two sides, and now with this additional 25% tariff gift from Trump to Modi, the two seem further away from reaching an agreement than ever before.
President Trump has hit India with an additional 25% tariff due to India's purchase of Russian oil. The US president threatened India with higher tariffs earlier this week, which India's Prime Minister Narendra Modi called "unjustified," also calling out the US for its double standard over Russia.
In an interview with CNBC on Tuesday, Trump said that India was helping to fuel the war machine.
'They're fueling the war machine. And if they're going to do that, then I'm not going to be happy,' Trump said.
In the early days of trade negotiations, relations between the US and India appeared more friendly, with both sides saying they would reach a deal within days. However, over recent months ,things seem to have turned sour as neither side can agree on some of the finer details within the deal, which concern dairy and agricultural products.
As a result, a trade war seems to have developed between the two sides, and now with this additional 25% tariff gift from Trump to Modi, the two seem further away from reaching an agreement than ever before.
Carney says he'll look at opportunities to remove tariffs on US
Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war.
Bloomberg News reports:
Read more here.
Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war.
Bloomberg News reports:
Read more here.
Trump says Japan to import Ford's huge F-150 pickup trucks
President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month.
Bloomberg News reports:
Read more here.
President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month.
Bloomberg News reports:
Read more here.
US investments under trade deal will be determined by benefits for Tokyo: Japan
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Honda Q1 operating profit halves on tariffs
Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast.
Reuters reports:
Read more here.
Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast.
Reuters reports:
Read more here.
China draws red lines on US chip tracking with Nvidia meeting
China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors.
Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector.
Bloomberg News reports:
Read more here.
China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors.
Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector.
Bloomberg News reports:
Read more here.
Trump says he's readying more tariffs on Russian energy buyers
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Canada to help lumber industry cope with US tariffs: Carney
Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs.
Reuters reports:
Read more here.
Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs.
Reuters reports:
Read more here.
Starbucks under pressure again as Brazilian tariffs hike coffee costs
Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
EU continues to press for tariff exemption on wine, spirits as part of US deal
The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month.
The WSJ reports:
Read more here.
The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month.
The WSJ reports:
Read more here.
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Americans With A Mortgage Saw A Dip In Home Equity From Last Year, But the Average Is Still $302,000 — Here's a Smarter Way to Use It
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The good news is the average U.S. homeowner has about $302,000 in accumulated home equity. The bad news is that's $4,200 less when compared to a year ago, according to global data and technology company Cotality. However, this will strongly depend on where you live. Shop Top Mortgage Rates A quicker path to financial freedom Your Path to Homeownership Personalized rates in minutes "At the peak of home price gains, annual equity increases surged to as much as $55,000. However, with price increases slowing considerably and appreciation remaining sluggish, home equity is unlikely to accumulate at the same pace as it did during the pandemic, or even pre-pandemic, when annual gains averaged about $11,000," Cotality Chief Economist Slema Hepp said in a statement accompanying Cotality's Homeowner Equity Report for Q1, noting that the decline could point to homeowners using their equity for other things. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Depending on where you live, this decrease in equity might not apply to your home. The Northeast is seeing a particular rise in home prices, which leads to higher equity. Homeowners in Rhode Island have the highest year-over-year equity boost at $36,500, and New Jersey is close behind at $35,700. In New York City, homeowners are enjoying an average of $20,600 equity boost while Boston dwellers have an average of $25,200 gain. Still, 27 states have seen an annual equity loss in Q1. Hawaii is dealing with the highest, which sank $65,900, followed by Washington, D.C. which dropped $29,600 and Florida, which fell by $26,300. The South in general is taking a hit. Trending: Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— "[G]iven the weakening of prices in the South and affordability concerns for existing homeowners due to rising insurance and taxes, as well as the prevalence of natural disasters in those areas which can wipe out home equity, there are many areas in the South where we are likely to see increases in negative equity going forward," said Hepp. Again, the good news is that the average U.S. homeowner has $302,000 in home equity, which is why it's worth considering putting to good use. Having equity in a home is one example of trapped equity, because it's not readily accessible like with liquid assets. However, Point unlocks your share of home equity — without monthly payments or is able to get you up to $600,000 in home equity, which is nearly double the average that U.S. homeowners have. From there, it's a matter of smartly using the money to improve your current and future financial health. Maybe you need to consolidate your high-interest debt so you can save money on interest payments. Or maybe you want to do substantial home renovations that will increase the worth of your home in the long run. Or maybe you have your eye on an investment property that will set your family up for success. Point can help you access your equity to make those things happen. It's simple: Point will give you a lump sum cash payment, and you'll give Point a piece of your home equity. You won't have monthly payments, and you can buy back that piece of home equity at any time in the 30-year term, with adjustments depending on if the value of your property goes up or down. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. Image: Shutterstock This article Americans With A Mortgage Saw A Dip In Home Equity From Last Year, But the Average Is Still $302,000 — Here's a Smarter Way to Use It originally appeared on 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
