The United States and the European Union on Thursday established a written framework for the trade deal reached last month. The terms include a 15% US tariff on most EU imports: These include autos, pharmaceutical goods, semiconductors, and lumber.

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.

"The United States and the European Union, in line with their relevant internal procedures, will promptly document the Agreement on Reciprocal, Fair, and Balanced Trade to implement this Framework Agreement," the statement concluded.

On Wednesday, US Treasury Secretary Scott Bessent said the US is content with its current tariff setup with China, signaling the Trump administration wants stability ahead of the November trade truce deadline.

In a Fox News interview, Bessent said the status quo is "working pretty well" and called China the biggest source of tariff revenue.

Bessent went on to add in a further interview with CNBC he expects tariff revenues under President Trump to exceed his earlier $300 billion estimate, with the money going to pay down the federal debt rather than rebate checks for Americans.

"I've been saying that tariff revenue could be $300 billion this year. I'm going to have to revise that up substantially," Bessent said.

Earlier this week, S&P Global Ratings affirmed the US's AA+ long-term credit rating with a stable outlook, saying tariff revenues will help offset the fiscal blow from President Trump's recent tax and spending bill.

The agency's view comes despite Trump's sweeping tariffs, which have rattled markets and strained trade ties.

Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below).

The biggest negotiations to watch in the coming months are Canada, Mexico, and China.

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.

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.

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.

Reuters reports:

Washington will take steps to reduce the current 27.5% U.S. tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on U.S. goods, it said.

U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal on July 27 at Trump's luxury golf course in Turnberry, Scotland after an hour-long meeting that followed months of negotiations.

The two leaders met again this week as part of negotiations aimed at ending Russia's war in Ukraine, with both lauding their trade framework deal as an historic accomplishment. The joint statement said the deal could be expanded over time to cover additional areas and further improve market access.

Read more here.

Yahoo Finance's senior columnist Rick Newman looks at how the higher cost of tariffs appears to be hiding deep inside global supply chains.

The Trump tariffs present something of a mystery. Trump's new import taxes raise the cost of many imported products by nearly 20%, on average. Yet price changes at the wholesale and retail level are nowhere near that magnitude. The higher cost of tariffs appears to be hiding deep inside global supply chains.

One new clue helps explain why Trump's new consumption taxes aren't fully hitting consumers just yet. Analysis by Capital Economics finds that the actual tariff rate paid on imports in June was just 9%. At the time, analysts estimated the average tariff rate to be around 15%. It turned out to be lower in reality because many US importers shifted their mix and source of imports to minimize the cost of the tariffs.

Read more here.

Beijing has restricted sales of Nvidia's (NVDA) China specific AI chip after US Commerce Secretary Howard Lutnick made comments officials found \\"insulting.\\"

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.

The FT reports:

“We don’t sell them our best stuff, not our second-best stuff, not even our third-best,” Lutnick told CNBC on July 15, the day after the Trump administration lifted export controls, implemented in April, on H20 sales.

“You want to sell the Chinese enough that their developers get addicted to the American technology stack, that’s the thinking,” he added.

Some of China’s senior leaders found the comments “insulting”, leading the policymakers to seek ways to restrict Chinese tech groups from buying the processors, according to two people with knowledge of the latest regulatory decision-making.

Read more here.

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.

Bloomberg News reports:

Without the duties, domestic manufacturers would be “significantly disadvantaged” to foreign suppliers, Southwire Co. Chief Executive Officer Rich Stinson said on the company’s website.

“It is important to us that any tariffs provide a level playing field in the marketplace and minimize any possible negative impact to our business,” Stinson said.

Read more here.

The European Commission said it has sent back the US draft joint statement on trade and tariffs, with talks on going between top officials.

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.

Reuters reports:

\\"I can confirm that we have sent back the draft joint statement to the US,\\" the spokesman said, adding that political level contact between European Trade Commissioner Maros Sefcovic and U.S. Commerce secretary Howard Lutnick and U.S. trade representative Jamieson Greer is ongoing. \\"The work continues\\".

Read more here.

Bloomberg News reports:

South Korea’s early exports data showed exports held up in August so far, powered by a surge in semiconductor shipments that helped offset pressure from sweeping US tariffs.

The value of shipments increased 7.6% from a year earlier in the first 20 days of August, according to data released Thursday by the customs office. That compared with a 5.8% increase in the full month of July. Imports edged up 0.4%, resulting in a trade surplus of $833 million. Working-day adjusted exports also climbed 7.6% for the first 20 days of the month.

“Exports through the first 20 days of August came in stronger than expected, driven by a surge in semiconductor shipments,” said Bloomberg economist Hyosung Kwon. “Strong global demand for AI-related computer chips lifted overall exports, while car shipments also jumped — probably supported by an expected decrease in US tariffs on Korean cars to 15%.”

Read more here.

Reuters reports:

Sony (SONY) will raise prices of its PlayStation 5 consoles in the United States by around $50 from Thursday, as the Japanese conglomerate navigates a slow recovery in the videogame market while U.S. tariffs threaten to raise costs.

All three PlayStation 5 consoles will see a similar price hike, with the most expensive PS5 Pro version expected to cost $749.99, the company said in a blog post on Wednesday.

The price changes come after U.S. President Donald Trump announced sweeping tariffs on imports from global manufacturing hubs such as China and Japan, leading to fears of supply chain disruptions and high material costs.

Read more here.

CNN reports:

Chinese refineries have placed new orders for Russian crude that will be shipped from ports that typically supply India, as demand from the South Asian country for Moscow’s crude slips following US President Trump’s tariffs.

At least 15 cargoes of Russian oil have been secured by Chinese refineries for October and November delivery, analysts said.

China and India emerged as the top buyers of Russian oil following Moscow’s 2022 invasion of Ukraine, which prompted Western countries to shun its exports.

Read more here.

Reuters reports:

China's exports of rare earth magnets recovered to hit a six-month high in July, showing trade flows of the critical minerals key to electric vehicles have returned to levels seen before Beijing imposed export curbs.

Exports from the world's largest rare earth magnet supplier rose nearly 75% from June to hit the highest for a single month since January at 5,577 metric tons last month, data from the General Administration of Customs showed on Wednesday.

The July volume, which was in line with analysts' expectations, was also 5.7% higher than 5,278 tons shipped in the same month last year.

Read more here.

Target (TGT) released its second quarter results on Wednesday. The results are not as bad as the first quarter but declining sales due to falling demand and tariff headwinds has the retail giant in a bit of a bind. Shares in target fell 8% before the bell

Yahoo Finance's executive editor Brian Sozzi looks at the latest from Target and whether it will ever find its place in this new economic environment.

Target (TGT) continues to miss the mark on earnings day.

The results on Wednesday morning aren't as shockingly bad as the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.

\\"While we're not pleased with the results, we're encouraged by the improved performance as we go into the third quarter of the year,\\" Target chair and CEO Brian Cornell told me by video call.

Target's second quarter earnings narrowly surpassed consensus forecasts as it wrung out cost savings. The company also maintained the full-year outlook it slashed three months ago.

But headwinds from a pressured US consumer, an influx of tariffs from the Trump administration, market-share loss to rival Walmart (WMT), and operational challenges were apparent.

Read more here.

Bloomberg News reports:

Japan’s exports sustained their steepest drop in more than four years as US tariffs continued to weigh on global commerce, clouding the outlook for economic growth at a time when personal spending remains unsteady.

Exports fell 2.6% in value in July from a year earlier, sliding more than the median forecast of a 2.1% decline, the Ministry of Finance reported Wednesday. The downturn, led by cars, auto parts and steel, was the biggest since February 2021. Export volumes rose by 1.2%, suggesting exporters are continuing to absorb US tariff costs by cutting selling prices to preserve market share.

Imports decreased 7.5% as inbound shipments of crude oil, coal and liquefied natural gas all shrank by double digits, but the trade balance still flipped to a deficit of ¥117.5 billion.

Read more here.

Estee Lauder (EL) stock fell 8% before the bell on Wednesday after the beauty group forecast annual profit below Wall Street estimates, as it grapples with persistent weakness in the US and China markets and tariff uncertainty.

Reuters reports:

The company expects a hit of about $100 million from tariff-related headwinds to fiscal 2026 profitability.

Estee Lauder, like other luxury brands and retailers, took a hit from consumers keeping a tight lid on expenses in the face of surging product prices owing to U.S. President Donald Trump's sweeping tariffs on imports.

Read more here.

US soybean farmers have said they are now in a very vulnerable position due to President Trump's tariffs and that they will not be able to survive a prolonged trade war with China.

Bloomberg News reports:

“US soybean farmers cannot survive a prolonged trade dispute with our largest customer,” he said. “Soybean farmers are under extreme financial stress. Prices continue to drop and at the same time our farmers are paying significantly more for inputs and equipment.”

That’s the warning from Caleb Ragland, president of the American Soybean Association. In a letter to President Donald Trump dated Tuesday, he urged the administration to reach a deal with China to remove duties and, if possible, include significant soybean purchases.

In an email statement to Bloomberg News, the White House said the president cares about farmers.

Read more here.

Norwegian and Swedish-Danish postal groups Posten Bring and PostNord said on Wednesday, they are pausing parcel shipments to the US ahead of the US customs tax loophole that allows duty-free entry for low-value packaged being scrapped.

Reuters reports:

\\"Due to the short timeframe to adapt to the new requirements, PostNord is temporarily halting shipments,\\" the company owned by the Swedish and Danish governments said in a statement.

U.S. President Donald Trump's administration said last month it would suspend the global \\"de minimis\\" exemption, which also allows minimal paperwork, for international shipments under $800 effective August 29.

Read more here.

India is pushing back against President Trump's criticism of its Russian oil purchases, resuming imports from Moscow after a brief pause. Trump imposed an additional 25% tariffs on New Delhi due to its purchase of Russian oil.

Bloomberg News reports:

Processors including Indian Oil Corp. (IOC.NS) and Bharat Petroleum (BPCL.NS) Corp. bought some cargoes of Russian Urals over the past two days, said traders familiar with the matter who asked not to be identified because they’re not authorized to speak publicly. Shipments are for loading in September and October, they added.

Earlier this month, state refiners paused buying of Urals after President Donald Trump singled out India’s role in the Russian oil trade, threatening economic penalties. New Delhi asked processors in late July to draw up plans to pivot away from the OPEC+ producer in the scenario where flows were stopped.

Read more here.

Treasury Secretary Scott Bessent said the US is content with its current tariff setup with China, signaling the Trump administration wants stability ahead of a November trade truce deadline.

In a Fox News interview, Bessent said the status quo is “working pretty well” and called China the biggest source of tariff revenue.

Bloomberg News reports:

“China is the biggest revenue line in the tariff income — so if it’s not broke, don’t fix it,” he said in the interview on Tuesday. “We have had very good talks with China. I imagine we’ll be seeing them again before November.”

Bessent’s remarks indicate that an easing of tensions between the two sides remains in place, potentially creating an opening for President Donald Trump to meet Chinese leader Xi Jinping.

The Trump administration has generally dialed down its confrontational tone with Beijing recently to get a summit with Xi and a trade deal. Secretary of State Marco Rubio has said a meeting between the two leaders is likely, though no date has been set.

Read more here.

Reuters reports:

The trade deal between the US and the EU is close to the baseline assumed by the European Central Bank, but uncertainty persists in key sectors like pharmaceuticals and semiconductors, ECB President Christine Lagarde said on Wednesday.

The EU accepted 15% tariffs on most items in the deal agreed last month, averting an all-out trade war and providing businesses greater clarity, even if the new barriers slow economic growth.

\\"The trade deal establishes an effective average tariff estimated to lie between 12% and 16% for U.S. imports of euro area goods,\\" Lagarde said in Geneva.

\\"This effective average tariff is somewhat higher than - but still close to - the assumptions used in our baseline projections last June,\\" she said. \\"The outcome of the trade deal is well below the severe scenario for U.S. tariffs of over 20%.\\"

Read more here.

US Treasury Secretary Scott Bessent has said he expects to see a big jump in revenues due to tariffs imposed my President Trump. Bessent said the money would be used to start paying down the federal debt and not to give rebates back to Americans.

Bessent, who spoke in an interview on CNBC,said he expected to revise his earlier estimate of $300 billion in revenues from tariffs, but declined to be specific on what he thought the new amount would be.

Reuters reports;

Bessent said he had not spoken with Trump about the idea of using funds from the tariffs to create a dividend for Americans, but stressed that both of them were \\"laser-focused\\" on paying down the debt.

\\"I've been saying that tariff revenue could be $300 billion this year. I'm going to have to revise that up substantially,\\" Bessent said. \\"We're going to bring down the deficit to GDP. We'll start paying down the debt, and then at that point that can be used as an offset to the American people.\\"

The US economy could return to the \\"good, low-inflationary growth\\" of the 1990s, Bessent said, but he blamed higher interest rates for problems plaguing some pockets of the economy, singling out housing and lower-income households with high credit card debt.

Read more here.

Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment.

Bloomberg reports:

Major US producers of electrical wire are raising prices just weeks after a surprise decision by President Donald Trump to exempt the most basic copper imports from tariffs, suggesting that American consumers may end up paying more even after metal prices plunged.

Southwire Co. LLC, one of the largest makers of copper wire and cable in the US, and Cerro Wire LLC, a wiremaker owned by Berkshire Hathaway Inc., in recent days announced price increases of 5% across a range of copper wire products, according to a Bloomberg calculation based on their published price sheets.

The move shows how a small group of low-profile companies that own US copper-processing plants are likely to be the primary beneficiaries of Trump’s shock tariff reprieve.

Read more here.

President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit.

Bloomberg News reports:

“We’ve had a lot of these 11th-hour implementations throughout 2025, this one in particular impacts every single client I have to an enormous degree,” Michigan-based customs broker Shannon Bryant said in an interview.

“Earlier announcements at least had some in-transit exemptions so at least importers could make reasonable buying decisions,” said Bryant, president of trade compliance advisory service, Trade IQ. “This one was unique in that way — it’s very much a ‘gotcha.’”

The new tariff inclusion list was posted by the Customs and Border Protection agency just as many were leaving for the weekend and appeared in the Federal Register on Tuesday, creating fresh headaches for trade professionals. Official guidance has been muddled, especially for goods already on their way to the US, and it’s unclear whether the metals levies stack on top of country-by-country tariffs.

Having weathered six months of Trump’s trade war and a pandemic that triggered mass supply disruptions, it’s hard to rattle the freight carriers, cargo owners and middlemen that keep cross-border commerce moving. But the scope and implementation speed of this latest notice took many by surprise.

Read more here.