The US and China face an Aug. 12 deadline to extend their tariff pause as Trump amps up threats of higher duties, citing China’s purchase of Russian oil.
China defended its Russian oil buys, with the the Chinese Foreign Ministry saying Friday that it is “legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia.”
Trump is reportedly nearing a face-to-face meeting with Russian President Vladimir Putin, but he has amped up threats on countries buying oil from Russia as he seeks an end to the war in Ukraine. This week, Trump doubled tariffs on India, citing its oil purchases.
Meanwhile, Trump is preparing for a ruling in a court case that will rule on his authority to impose many of his sweeping tariffs. On Friday, he argued that if an appeals court rules against him in the most-watched of several legal battles against his tariffs, it would have devastating economic consequences.
“It would be 1929 all over again, a GREAT DEPRESSION,” he warned.
Trump’s sweeping “reciprocal” tariffs hit US trade partners on Thursday — they are most at risk in the legal challenges.
You can see the new rates in the graphic below:
Meanwhile, during a recent White House event with Apple (AAPL) CEO Tim Cook, he suggested he would impose a tariff of 100% on chips and semiconductors, but hinted at a carveout for companies who build in the US.
Trump has unleashed a flurry of deals and trade moves in recent weeks:
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.
The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
Trump imposed 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.
LIVE 1645 updates
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:
