White House trade advisor 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.

“I see that taking place,” Navarro told reporters in front of the White House when asked about the tariffs on India that are set to double on Aug. 27. “India doesn’t appear to want to recognize its role in the bloodshed. It simply doesn’t. It’s cozying up to Xi Jinping, is what it’s doing.”

A Chinese official voiced support for India regarding US tariffs on its exports, highlighting growing cooperation between the two Asian neighbors.

“The United States has imposed tariffs of up to 50% on India and it has even threatened for more. China firmly opposes this,” said China’s ambassador to India, Xu Feihong.

On Thursday, the US and the EU established a written framework 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 — but not wine and spirits.

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.

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 that 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.

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.

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.

Bloomberg News reports:

“I see that taking place,” Navarro told reporters in front of the White House when asked about the tariffs on India that are set to double on Aug. 27. “India doesn’t appear to want to recognize its role in the bloodshed. It simply doesn’t. It’s cozying up to Xi Jinping, is what it’s doing.”

The fresh salvo is the latest from the trade hawk and comes after India has signaled it’ll keep buying Russian oil, a step that would preserve a vital market for Moscow. Stung by the steep 50% levy, Prime Minister Narendra Modi’s government has reiterated its long-standing friendship with Russia and moved to ease tensions with regional rival China in recent days.

Read more here.

Bloomberg News reports:

A Chinese official expressed solidarity with India against US tariffs on Indian exports, the latest sign of warming ties between the two Asian rivals.

“The United States has imposed tariffs of up to 50% on India and it has even threatened for more. China firmly opposes this,” China’s ambassador to India, Xu Feihong, said Thursday. “China will firmly stand with India to uphold the multilateral trading system, with the World Trade Organization at its core.”

Xu’s comments come as Beijing and New Delhi take steps to recalibrate their ties against the backdrop of their strained relations with the Trump administration. The two neighbors this week agreed to explore demarcating their disputed border as Chinese Foreign Minister Wang Yi visited India on his first trip in three years.

Read more here.

Nvidia (NVDA) has told suppliers including Samsung (005930.KS) and Amkor (AMKR) 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).

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.

Bloomberg News reports:

Nvidia and Advanced Micro Devices Inc. (AMD) both recently secured Washington’s approval to resume lower-end AI chip sales to China, on the controversial and legally questionable condition that they give the US government a 15% cut of the related revenue. But their Chinese customers are under pressure to adopt homegrown chips instead — part of a broader objective to build a world-class domestic industry and wean the country off US technology.

In past weeks, Chinese authorities have sent notices to a range of firms discouraging use of the less-advanced semiconductors, Bloomberg News has reported. That followed warnings about alleged security risks in the H20, after Washington officials said they were considering ways to equip chips with better location-tracking capabilities.

Read more here.

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.

CNN reports:

Lisa Ward was startled at the prices on sneakers when she recently went back-to-school shopping for her twin boys.

“All of them were at least $10 or $20 more than last year. That pissed me off, but I didn’t have a choice,” said Ward, a finance professional who lives outside of Atlanta.

After buying two pairs of sneakers for each of her growing 15-year-old boys, Ward was suddenly out $300.

“People are starting to realize how expensive stuff is. Before, the school would say, ‘You have the wrong calculator.’ Now, they’re saying, ‘Bring whatever you’ve got,’” Ward said, referring to math class.

Read more here.

Yahoo Finance's Anjalee Khemlani reports:

A 15% import tariff on pharmaceutical goods from the European Union to the US is going to have a lesser impact on the pharmaceutical industry than Wall Street feared.

Big pharmaceutical stocks like Pfizer (PFE), Eli Lilly (LLY), and Johnson & Johnson (JNJ) rose slightly, by about 1%, in trading Thursday after the trade deal was announced, putting to rest concerns of tariffs threatened as high as 200% previously by President Trump.

\\"The two regions have established a 15% tariff cap on imported drugs from EU to the US. This is being viewed by most as both manageable and below the 20%+ rate many expected,\\" Mizuho's healthcare expert Jared Holz wrote in a note to clients Thursday.

Read more here.

Reuters reports:

Johnson & Johnson (JNJ) said on Thursday it would invest $2 billion in North Carolina as it aims to expand its U.S. manufacturing presence amid looming drug import duties proposed by President Donald Trump's administration.

Major drugmakers, including Eli Lilly and AstraZeneca, have also committed to shell out billions of dollars to scale up their U.S. footprint in response to Trump's efforts, including tariff threats.

Earlier this month, Trump said he plans to impose phased-in tariffs for the pharmaceutical sector, which could start small and eventually rise to 250%.

Read more here.

Walmart (WMT) reassured investors that it's continuing to gain market share and generate healthy sales growth.

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.

\\"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.

\\"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.\\"

Read more live coverage of corporate earnings.

(Reuters) – 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.

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.

\\"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.

\\"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.

Read more here.

BRUSSELS (Reuters) – 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. ...

\\"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.

Read more here.

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.