President Trump warned he could impose new tariffs and export limits on advanced technology and semiconductors in response to digital service taxes in other countries that he says unfairly target American tech firms.

In a post to Truth Social late Monday, Trump argued the taxes are meant to hurt US companies while letting China's biggest tech players off the hook.

"As the President of the United States, I will stand up to Countries that attack our incredible American Tech Companies," Trump wrote.

"Digital Taxes, Digital Services Legislation, and Digital Markets Regulations are all designed to harm, or discriminate against, American Technology."

Also on Monday, Trump said a 15% tariff on imports from South Korea will hold despite President Lee Jae Myung's visit to Washington, D.C.

“We stuck to our guns,” the president said after the meeting.

The two countries struck a trade deal in July, allowing South Korea to avoid a stiffer 25% tariff, but tensions over the agreement have persisted, Bloomberg reported.

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

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.

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. Meanwhile, the US and the EU established a written framework for the trade deal agreed to in late July.

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.

Both China and Canada are gearing up to meet the US for discussions around trade and tariffs.

China said they will be sending a top negotiator to the US, a sign of progress after President Trump extended the tariff truce earlier this month.

But there is concern around the pace of talks between the two countries.

“Given the lack of progress in bilateral relations — not just in trade and economic areas but in other areas as well — both sides should work much harder if they want to turn this event a successful one,” Wu Xinbo, director at Fudan University’s Center for American Studies in Shanghai said.

Meanwhile, Canada's Cabinet minister Dominic LeBlanc, will visit Washington to meet Commerce Secretary Howard Lutnick shortly after Canada agreed to lift most of its retaliatory tariffs on US goods.

“We are looking, I hope, for an agreement that will put us in a better position than we are right now,” LeBlanc said Monday in a French-language radio interview on Canada’s public broadcaster.

Both China and Canada have yet to agree on a formal trade arrangement with the US. However, with both sides set to meet in the coming days, a trade agreement may not be too far away.

President Trump said the US has more leverage over China on trade, citing airplane parts as a key item Washington has to counter Beijing's restrictions on rare earths.

Bloomberg News reports:

“We have much bigger and better cards than they do,” he said Monday. “If I played those cards, that would destroy China. I’m not going to play those cards.”

China halted most shipments of rare-earth magnets to the US in April, weaponizing the nation’s 90% grip on global production to squeeze American factories. Beijing agreed to normalize flows as part of a trade truce negotiated with the Trump administration, with shipments to the US reaching a six-month high in July.

Read more here.

The US will make an announcement this week on Japan's $550 billion investment package, Commerce Secretary Howard Lutnick said, adding that a top Japanese trade envoy will visit Washington to formalize the deal.

\\"The Japanese agreement, which we're going to announce later this week, that's $550 billion at the hand of Donald Trump,\\" Lutnick told the Ingraham Angle show on Fox News on Monday night.

Reuters reports:

The Japanese funds could be used for the manufacturing of products such as semiconductors, antibiotics or rare earths in the U.S., Lutnick added.

Tokyo's top trade negotiator Ryosei Akazawa plans to visit the U.S. this week to craft a written confirmation on the financial details of the package, such as the split of investment returns between the U.S. and Japan, a government source close to the negotiations told Reuters.

Washington and Tokyo agreed in July to set a reduced 15% tariff on imports from Japan in exchange for a $550 billion package of U.S.-bound investment through government-backed loans and guarantees, but details of its contents remain obscure.

Read more here.

President Trump warned he may impose new tariffs and export curbs on advanced technology and semiconductors in response to digital services taxes from other countries that he says unfairly target US tech companies.

In a social media post Monday, Trump said taxes discriminate against American firms while giving China's biggest tech companies a free pass.

“This must end, and end NOW!” Trump posted, without naming any countries. “Unless these discriminatory actions are removed, I, as President of the United States, will impose substantial additional Tariffs on that Country’s Exports to the U.S.A., and institute Export restrictions on our Highly Protected Technology and Chips.”

Bloomberg News reports:

The president’s latest act of trade brinkmanship again raises uncertainty over tariff rates for US trading partners. Soon after Trump set country-based levies with dozens of partners earlier this month, he vowed to impose new charges on a range of imports. Last week, he said imported furniture would be subject to new duties.

Trump has long argued that digital services taxes discriminate against US tech giants such as Amazon.com Inc. (AMZN), Google owner Alphabet Inc. (GOOG, GOOGL) and Facebook parent Meta Platforms Inc. (META). The US has increasingly used export restrictions on technologies — including advanced chips from firms including Nvidia Corp. (NVDA) for artificial intelligence — it deems critical for national or economic security.

The warning from the president comes a week after the US and the European Union agreed in a joint statement that they would together “address unjustified trade barriers,” and would “not impose customs duties on electronic transmissions.” The 27-member bloc also confirmed it wouldn’t adopt network usage fees.

Read more here.

Reuters reports:

Indian exporters are bracing for disruptions after a U.S. Homeland Security notification confirmed Washington would impose an additional 25% tariff on all Indian-origin goods from Wednesday, ramping up trade pressure on the Asian nation.

Indian exports will face U.S. duties of up to 50% - among the highest imposed by Washington - after President Donald Trump announced extra tariffs as punishment for New Delhi's purchases of Russian oil.

The new duties will apply to goods entering the U.S. for consumption or withdrawn from warehouses for consumption from 12:01 a.m. EDT on Wednesday or 9:31 a.m. IST, according to the Homeland Security notice.

Read more here.

President Trump said South Korea will continue to face a 15% tariff on imports, despite President Lee Jae Myung's visit to Washington on Monday. The two countries struck a trade deal establishing the tariff rate in July.

Bloomberg reports:

President Donald Trump refused to change the terms of South Korea’s tariff agreement, despite a lobbying effort from President Lee Jae Myung during their first in-person meeting.

Trump and Lee on Monday expressed optimism for close cooperation on North Korea, collective security and shipbuilding, yet the deal setting a 15% tariff on South Korean goods will remain unchanged, according to the US president.

“We stuck to our guns,” the president told reporters Monday after the meeting. “They’re going to make the deal that they agreed to make.”

The sit-down looked like it had the potential to be derailed earlier Monday after Trump posted on social media that political turmoil could make it impossible to deal with Seoul. Tensions were barely evident during the meeting, however, and Trump praised Lee as a “very good representative for South Korea.”

Read more here.

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.