Trump didn’t specify which governmental body would lead the probe into furniture imports but said it would wrap up in the next 50 days.<\/p>\n
Earlier on Friday, White House trade adviser Peter Navarro again criticized India for its ongoing purchases of Russian oil and said he anticipates the planned 50% punitive tariffs on Indian imports will take effect next week. <\/a><\/p>\n \u201cI see that taking place,\u201d Navarro told<\/a> reporters in front of the White House when asked about the tariffs on India that are set to double on Aug. 27. \u201cIndia doesn\u2019t appear to want to recognize its role in the bloodshed. It simply doesn\u2019t. It\u2019s cozying up to Xi Jinping, is what it\u2019s doing.\u201d<\/p>\n A Chinese official<\/a> voiced support for India regarding US tariffs on its exports, highlighting growing cooperation between the two Asian neighbors.<\/p>\n \u201cThe United States has imposed tariffs of up to 50% on India, and it has even threatened for more. China firmly opposes this,\u201d said China\u2019s ambassador to India, Xu Feihong.<\/p>\n Also on Friday, Canada vowed<\/a> to drop its retaliatory tariffs to match US tariff exemptions for goods covered under the US-Mexico-Canada trade pact.<\/p>\n This follows Thursday’s news that the US and the EU established a written framework<\/a> for the trade deal agreed to on July 27. The terms include a 15% US tariff on most EU imports: These include autos, pharmaceutical goods, semiconductors, and lumber \u2014 but not wine and spirits<\/a>.<\/p>\n The two sides also outlined the EU’s promise to remove tariffs on US industrial goods and give better access to US seafood and agricultural products.<\/p>\n The biggest negotiations to watch in the coming months are Canada, Mexico, and China.<\/p>\n Earlier this month, Trump unveiled<\/a> “reciprocal” tariffs on dozens of US trade partners (which you can see in the graphic below).<\/p>\n Read more: What Trump’s tariffs mean for the economy and your wallet<\/a><\/p>\n Here are the latest updates as the policy reverberates around the world.<\/p>\n LIVE 1732 updates <\/p>\n President Trump said his administration is investigating furniture imports and will complete the probe in the next 50 days.<\/p>\n “Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” the president wrote<\/a> on Truth Social. He added the effort would “bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”<\/p>\n<\/li>\n TORONTO (AP) \u2014 Canada is dropping retaliatory tariffs to match U.S. tariff exemptions for goods covered under the United States-Mexico-Canada trade pact, a government official familiar with the matter said Friday.<\/p>\n Read more here.<\/a><\/p>\n<\/li>\n Federal Reserve Chair Jerome Powell noted that inflation risks remain “tilted to the upside” in his speech at the Jackson Hole symposium on Friday, and the effects of President Trump’s trade policy remain a key factor in the central bank’s decision making.<\/p>\n “The effects of tariffs on consumer prices are now clearly visible,” Powell stated. “We expect those effects to accumulate over coming months, with high uncertainty about timing and amounts.”<\/p>\n Powell laid out several scenarios for the path of tariff-related inflation.<\/p>\n “A reasonable base case is that the effects will be relatively short lived \u2014 a one-time shift in the price level,” he said. “It is also possible, however, that the upward pressure on prices from tariffs could spur a more lasting inflation dynamic, and that is a risk to be assessed and managed.”<\/p>\n In either case, Powell reaffirmed that the Fed remains focused on preventing inflation from becoming entrenched.<\/p>\n “Come what may, we will not allow a one-time increase in the price level to become an ongoing inflation problem,” he said.<\/p>\n Read more here.<\/a><\/p>\n<\/li>\n Global postal services are going to stop parcel deliveries to the US ahead of President Trump’s deadline to end a tax exemption that allowed businesses to avoid import tariffs on small packages.<\/p>\n Countries such as Sweden and Norway have already made the move to stop sending low-cost packages to the US.<\/p>\n The FT reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n China’s imports of rare earth ore from the US jumped sharply in July, likely reflecting the final shipments from US supplier MP Materials (MP<\/a>).<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n White House trade adviser Peter Navarro has blasted India again for continuing to buy Russian oil and said he expects punitive tariffs of 50% on imports from the South Asian nation to kick in as planned next week.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n Nvidia (NVDA<\/a>) has told suppliers including Samsung (005930.KS<\/a>) and Amkor (AMKR<\/a>) to halt production of its H20 AI chip after Beijing urged firms to avoid the processor, according to a report in the Information. The move raises doubts over demand as Chinese buyers shift to Huawei and Cambricon (688256.SS<\/a>).<\/p>\n The suspension adds pressure to US chipmakers and could complicate trade talks, with Nvidia CEO Jensen Huang saying any successor for China will hinge on US approval.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n As the summer holidays come to an end and children head back to school, parents are getting a nasty surprise when they check price tags for kids clothing due to President Trump’s sweeping tariffs.<\/p>\n CNN reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n Yahoo Finance’s Anjalee Khemlani<\/a> reports:<\/p>\n Read more here.<\/a><\/p>\n<\/li>\n Reuters reports:<\/a><\/p>\n Read more here. <\/a><\/p>\n<\/li>\n Walmart (WMT<\/a>) reassured investors that it’s continuing to gain market share and generate healthy sales growth.<\/p>\n But even though executives said the company didn’t see any “dramatic shifts” with consumer behavior last quarter, they did communicate that keeping costs low could become a greater challenge in the second half of the year as tariff-related price increases work their way through inventory.<\/p>\n “With regards to our US pricing decisions, given tariff-related cost pressures, we’re doing what we said we would do: We’re keeping our prices as low as we can for as long as we can,” Walmart CEO Doug McMillon said on Walmart’s earnings call.<\/p>\n “The way things have played out so far, the impact of tariffs has been gradual enough that any behavioral adjustments by the customer have been somewhat muted,” McMillon continued. “But as we replenish inventory at post-tariff price levels, we’ve continued to see our costs increase each week, which we expect will continue into the third and fourth quarters.”<\/p>\n Read more live coverage of corporate earnings<\/a>.<\/p>\n<\/li>\n (Reuters) \u2013 S&P Global Ratings’ decision to affirm its U.S. credit rating reflected the impact of tariff revenues, but questions remain on the economic outcome of U.S. trade policies that could influence the country’s rating in the next few years, the primary analyst on the U.S. said.<\/p>\n S&P on Monday affirmed its “AA+” credit rating on the U.S., saying the revenue from President Donald Trump’s tariffs has the potential to offset the fiscal hit from his massive tax-cut and spending bill. S&P, which became the first ratings agency to cut the pristine U.S. government rating in 2011, said the outlook on the U.S. rating remains stable.<\/p>\n “Outcomes are what’s really going to weigh and inform the rating,” Lisa Schineller, primary U.S. analyst at S&P Global Ratings, said in an interview.<\/p>\n “The outcomes of how you execute the budgetary legislation, how the tariff revenue comes, their combined impact on growth and investment that leads to either better or worse or similar fiscal out-turns, that’s our focus,” she said.<\/p>\n Read more here.<\/a><\/p>\n<\/li>\n BRUSSELS (Reuters) \u2013 The EU-U.S. trade deal does not include wine and spirits, European Union Trade Commissioner Maros Sefcovic said on Thursday, adding that the door was not closed to tariff reductions for the sector and others not included in the deal. …<\/p>\n “This one we didn’t get in. But I can tell you that there is clear commitment from the European Commission to put it on the table”, Sefcovic said, referring to wines and spirits.<\/p>\n Read more here.<\/a><\/p>\n<\/li>\n The US and the EU on Thursday finalized a framework trade deal reached last month. The agreement keeps US tariffs on most EU imports, including autos, chips, pharmaceuticals and lumber.<\/p>\n In a joint statement, the two sides outlined their commitments. The EU pledged to remove tariffs on all US industrial goods and give preferential market access to a range of US seafood and agricultural products.<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n Yahoo Finance’s senior columnist Rick Newman<\/a> looks at how the higher cost of tariffs appears to be hiding deep inside global supply chains.<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n Beijing has restricted sales of Nvidia’s (NVDA<\/a>) China specific AI chip after US Commerce Secretary Howard Lutnick made comments officials found “insulting.”<\/p>\n Chinese regulators, which include the Cyberspace Administration of China (CAC), the National Development and Reform Commission (NDRC), and the Ministry of Industry and Information Technology (MIIT), are now trying to discourage domestic tech firms from buying the H20 processor.<\/p>\n The FT reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n President Trump’s tariffs may have rattled markets and nations alike, but one group have applauded Trump tariffs saying that adding import duties on aluminum and copper products will help American manufacturers.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n<\/li>\n The European Commission said it has sent back the US draft joint statement on trade and tariffs, with talks on going between top officials.<\/p>\n While the EU and US agreed on a trade framework in July, only a 15% baseline tariff has been implemented so far, and Brussels is waiting for Washington to issue executive orders on sectors such as the auto industry.<\/p>\n Reuters reports:<\/p>\n\n
Postal services to stop sending low-cost parcels to US as duty exemption ends\n
China’s imports of US rare earth ore surge in July\n
Navarro slams India again over Russian oil as 50% tariffs loom\n
China \u2018firmly stands\u2019 with India on Trump tariffs\n
Nvidia tells partners to halt work on H20 chip for China\n
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