President Trump said that the US is investigating furniture imports and will impose a tariff on the products once the probe is complete.

"Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined," the president wrote 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."

Furniture stocks including Williams Sonoma (WSM) and Wayfair (W) tumbled on Monday in the first immediate reaction to Trump's comments.

Meanwhile, US tariffs on imports from India are set to double on Wednesday, with no indications that the countries are moving toward any kind of deal.

Late last week, 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.

“I see that taking place,” Navarro told reporters. “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.”

Also last week, Canada vowed to drop its retaliatory tariffs to match US tariff exemptions for goods covered under the US-Mexico-Canada trade pact. And the US and the EU established a written framework for the trade deal agreed to in late July. The terms include a 15% US tariff on most EU imports, including autos, pharmaceutical goods, semiconductors, and lumber — but not wine and spirits.

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

Those tariffs face legal limbo in an appeals court case that could be decided within days.

Justice Department lawyers and lawyers for a group of small business importers who are challenging the tariffs imposed under this authority argued their positions before the US Court of Appeals for the Federal Circuit. If the court rules against the government, it's likely Trump would appeal to the Supreme Court.

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.

President Trump suggested on Monday he could slap a 200% tariff on Chinese goods if China doesn't sell magnets to the US.

\\"They have to give us magnets,\\" Trump said at the Oval Office after meeting with South Korean President Lee Jae Myung.

\\"If they don’t give us magnets, then we have to charge them 200% tariff or something,\\" he continued. \\"But we’re not going to have a problem, I dont think, with that.\\"

Trump's comments come after China tightened its control of rare earth mining and production. The Ministry of Industry and Information Technology announced Chinese mining firms would be subject to strict quota limits and be required to keep track of product flows. China currently refines about 99% of the world’s supply of heavy rare earth minerals.

\\"It'll take us probably about a year to have them,\\" Trump said, referring to a US supply of magnets.

President Trump on Monday suggested tariffs on imports from South Korea would stay at 15% despite the country's push to secure better terms.

From Bloomberg:

“I hear they want to renegotiate the deal, but that’s OK, I don’t mind that. That doesn’t mean they’re going to get anything, but I don’t mind,” the US president said. [...]

The summit in Washington comes a few weeks after the two sides reached a last-minute trade deal that capped tariffs on US imports of South Korean goods at 15%, allowing Seoul to avoid the 25% rate that Trump had threatened to impose. But US officials have since signaled dissatisfaction over the terms.

The meeting was also expected to feature thorny issues, including reaching an agreement on defense cooperation, which Seoul initially tried to make part of the tariff deal. US officials have also been eager to pin down South Korea on the specifics of the $350 billion it pledged to invest in the US as part of the deal.

Read more here.

US President Donald Trump’s tariffs, threats of annexation and assorted insults have infuriated Canadians, leading them to sell off American real estate and boycott products.

The nation’s investors seemingly never got the memo, Bloomberg reports:

Canadian investors have injected C$124 billion ($89.7 billion) into US stocks in 2025, even as Trump’s trade war disrupted the two countries’ longstanding, largely tariff-free relationship, according to data compiled by Warren Lovely at National Bank of Canada Financial Markets. That’s on track for the largest yearly inflow since at least the 1990s.

Canadian investors can’t seem to resist the lure of the US market, which has outperformed the domestic benchmark in each of the past two years. Pinpointing the exact reason for this year’s enthusiasm — when the relations between the two countries have grown more tense — is a tricky proposition. But optimism over an artificial intelligence frenzy that’s pushed US tech titans to multiple records looms large.

“It’s a lot of performance chasing,” said Greg Taylor, chief investment officer at Vancouver-based PenderFund Capital Management Ltd. He pointed to years of US market outperformance, thanks to the rise of AI and inflows into mega-cap tech stocks.

This year, Canadian shares have proven the better bet. Canada’s benchmark index has outperformed its US peer, with the S&P/TSX Composite Index climbing almost 15%, compared with a 10% gain in the S&P 500 Index.

Still, locals have “seemingly failed to employ a ‘buy Canadian’ (or ‘sell American’) philosophy in their own portfolio dealings,” Lovely, managing director at the firm, wrote in a note to clients last week.

Read more here.

Furniture stocks were under pressure Monday after President Trump opened an investigation into imports of furniture, which is expected to lead to new tariffs.

Wayfair (W) shares fell 9%, while RH (RH) lost 7%, Sleep Number (SNBR) dropped 5%, and The Lovesac Company (LOVE) declined about 4% not long after the opening bell.

“Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” Trump wrote in a Truth Social post on Friday.

However, not all furniture stocks took a leg lower. Ethan Allen (ETD) and La-Z-Boy (LZB) stocks nudged slightly higher, as the two furniture companies produce a significant portion of their items in the US.

US farmers are feeling the heat from President Trump's tariffs and it wouldn't be the first time they have been pressured by Trump's policies.

As Washington and Beijing continue trade negotiations, China, one of the top buyers of soybeans, has significantly reduced its purchases from the US. As a result, crop prices are near multiyear lows, and big harvests ahead could make the situation tougher.

Bloomberg News reports:

It’s a familiar picture for the more than 40 growers, analysts and journalists taking part in the annual Pro Farmer Crop Tour that started Monday and will cross seven states before ending in Minnesota on Thursday. In 2019, they were facing exactly the same conditions.

Back then, tensions were so high that a staffer from the US Department of Agriculture was threatened, forcing the agency to pull their people out of the tour as a precaution. Things are much calmer this year, but anxiety is slowly building up — after all, the US has yet to sell a single cargo of soybeans to China from the harvest that starts next month.

“I just wish they’d start buying again,” said Bill Timblin, a Nebraska farmer on the tour. He hopes the Chinese market isn’t gone for good.

American farmers, a key voting bloc for Trump, are growing increasingly worried as harvest approaches. In a letter to the president this week, Caleb Ragland, who heads the American Soybean Association, warned growers are near a “trade and financial precipice” and cannot survive a prolonged trade war with China.

“Soybean farmers are under extreme financial stress,” he said, urging the administration to reach a deal with China to remove duties. “Prices continue to drop and at the same time our farmers are paying significantly more for inputs and equipment.”

Read more here.

President Trump said his administration is investigating furniture imports and will complete the probe in the next 50 days.

\\"Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,\\" the president wrote 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.\\"

TORONTO (AP) — 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.

Read more here.

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.

\\"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.\\"

\\"The effects of tariffs on consumer prices are now clearly visible,\\" Fed Chair Powell says at Jackson Hole. \\"We expect those effects to accumulate over coming months, with high uncertainty about both timing and amounts.\\" pic.twitter.com/6pWh5fu7Ov

— Yahoo Finance (@YahooFinance) August 22, 2025

Powell laid out several scenarios for the path of tariff-related inflation.

\\"A reasonable base case is that the effects will be relatively short lived — 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.\\"

In either case, Powell reaffirmed that the Fed remains focused on preventing inflation from becoming entrenched.

\\"Come what may, we will not allow a one-time increase in the price level to become an ongoing inflation problem,\\" he said.

Read more here.

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.

Countries such as Sweden and Norway have already made the move to stop sending low-cost packages to the US.

The FT reports:

President Donald Trump announced in July that the US would expand its suspension of the “de minimis” exemption for parcels valued at less than $800, which it had already applied to China and Hong Kong, to the rest of the world, beginning on August 29.

State-owned postal services and private operators from Germany to Singapore said they would suspend services because US authorities had yet to provide sufficient information on how the duties would be collected.

In guidance issued on August 15, the US Customs and Border Protection said that following the end of the exemption, parcel duties would be based on the country-of-origin tariff rate.

Read more here.

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).

Reuters reports:

Data on Wednesday from the General Administration of Customs showed imports of rare earths ore from the U.S. surged to 4,719 metric tons in July after falling to zero in June, sparking market speculation over the source of the shipments.

MP Materials, which owns the only U.S. rare earth mine has long sent ore to China for its minority shareholder Shenghe Resources to process.

But MP said in April that it had stopped shipping the critical minerals to China as the U.S. and China clashed over import tariffs before ceasing them altogether in July after announcing the U.S. Department of Defence had invested in the company to effectively become the biggest shareholder.

Read more here.

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.