Switzerland is offering to buy more American weapons and energy products and make more investments in the US, in a fresh push to persuade the Trump administration to lower its tariffs on Swiss imports.
“We have had some good progress lately. Negotiations are still ongoing, but I would not be hopeful for an imminent deal,” said Rahul Sahgal, chief executive of the Swiss-American Chamber of Commerce.
Meanwhile, South Korea’s economy could fall into crisis rivaling its 1997 financial meltdown if the government accepts US demands, President Lee Jae Myung told Reuters.
Washington agreed to lower South Korean tariffs in exchange for a $350 billion investment from Seoul.
“Without a currency swap, if we were to withdraw $350 billion in the manner that the US is demanding and to invest this all in cash in the US, South Korea would face a situation as it had in the 1997 financial crisis,” Myung said.
In other developments, following a Friday call between Trump and China’s President Xi Jinping, Trump said that an agreement to spin off the TikTok app in the US had been reached. Trump said the two leaders plan to conduct a series of meetings in the coming months, Yahoo Finance’s Ben Werschkul reported, with the first meeting at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, scheduled for Oct. 30-Nov. 1.
Trump said that Xi would reciprocate with a US visit “at an appropriate time.”
Amid complex trade talks with the US, China dropped a months-long antitrust probe into Google (GOOG) amid discussions of a TikTok deal — while also increasing pressure on domestic purchases of Nvidia (NVDA) chips.
In the background, the Supreme Court is reviewing a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
The tariffs at stake are the sweeping “reciprocal,” country-specific duties Trump has outlined in various steps this year (which you can see in the graphic below). Those duties range from 10% to 50%. Trump has used a 1977 law known as “IEEPA” — the International Emergency Economic Powers Act — to justify imposing the tariffs.
The appeals court allowed the tariffs to stay in place while the case moves through the legal process.
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.
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