Switzerland is proposing that its gold industry builds a refinery in the US or increase its processing capacity there in a bid to reduce US tariffs, according to Reuters.
President Trump slapped 39% tariffs on Swiss imports last month. Christoph Wild, president of Swiss precious metals association ASFCMP, suggested the industry should explore ways to reduce the country’s trade deficit with the US.
Meanwhile, in a move some say is to appease Trump, Mexico said on Wednesday it will raise tariffs on automobiles from China and other Asian countries to 50%. The Economy Ministry said tariffs will rise on textiles, steel, cars and another goods, affecting $52 billion in imports.
Elsewhere, Trump has requested that the EU impose 100% tariffs on India and China to pressure Russia over its war in Ukraine, the Financial Times reported.
At the same time, Trump said the US and India have agreed to resume trade negotiations after weeks of back and forth over India’s purchase of Russian oil.
Also, the Supreme Court said Tuesday it would quickly review a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
The high court put the case on track for oral arguments in early November. That puts the case on an unusually quick track to resolution.
US Treasury Secretary Scott Bessent has warned in recent days that the US would have to refund around “half” the tariff revenue it has collected if the Supreme Court rules the president overstepped his authority, which has been the determination of a federal appeals court and the Court of International Trade.
Trump has suggested that the US may have to “unwind” existing trade deals, including with the European Union, Japan, and South Korea, if the Supreme Court doesn’t uphold his tariffs.
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
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