China accused the US of "unilateral bullying" on Monday after Washington called on G7 and NATO allies to impose tariffs on Beijing over its purchase of Russian oil, fueling tensions as Chinese and US officials meet in Spain to resolve trade disputes.

Treasury Secretary Scott Bessent, who is leading the US delegation, added on Monday that the US would not move forward with the oil-related tariffs unless European countries did the same. The talks in Spain will continue through Wednesday.

Also on Monday, Bessent confirmed that there is a framework for a TikTok deal, saying that China wants to keep some Chinese cultural aspects of the app.

TikTok is set to go offline Sept. 17 unless parent company ByteDance divests itself of majority ownership of the social media app or Trump extends the deadline again.

In the background, the Supreme Court is reviewing a high-stakes legal challenge to President Trump's tariffs, setting up a resolution as early as this fall.

The high court put the case on track for oral arguments in early November. That puts the case on an unusually quick track to resolution.

US Treasury Secretary Scott Bessent has warned in recent days that the US would have to refund around "half" the tariff revenue it has collected if the Supreme Court rules the president overstepped his authority, which has been the determination of a federal appeals court and the Court of International Trade.

The tariffs at stake are the sweeping "reciprocal," country-specific duties Trump has outlined in various steps this year (which you can see in the graphic below). Those duties range from 10% to 50%. Trump has used a 1977 law known as "IEEPA" — the International Emergency Economic Powers Act — to justify imposing the tariffs.

The appeals court allowed the tariffs to stay in place while the case moves through the legal process.

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.

(Reuters) -Wall Street is bracing for another bumpy ride ahead of a forthcoming Supreme Court decision on the constitutionality of tariffs that could throw Corporate America into turmoil and raise questions over the country's fiscal health.

The plunge in asset prices in early April in the wake of U.S. President Trump's Liberation Day tariff announcements offers Wall Street a taste of what some believe may be in store if courts opt to overturn a tariff regime to which market participants have become accustomed.

Since then, the administration has announced an array of trade deals and companies have found ways to absorb some of the costs. Markets in turn have recovered and moved on to set fresh highs.

Read more here.

The European Union said on Tuesday it will delay presenting its new Russia sanctions after President Trump pushed for tougher European measures before the US proceeds with its own.

Bloomberg News reports:

The European Commission, the EU’s executive arm, was due to present the proposal, it’s 19th, on Wednesday. On Friday, the US pressured its allies in the Group of Seven to impose tariffs as high as 100% on China and India for their purchases of Russian oil, as well as other measures, to push President Vladimir Putin to the negotiating table with Ukraine.

G-7 officials are currently working on a new sanctions package and are aiming to finalize a text in the next two weeks, according to a person familiar with the matter, who spoke on the condition of anonymity.

The EU is weighing sanctioning companies in India and China that are enabling Russia’s oil trade, Bloomberg reported earlier.

Read more here.

The Financial Times reports:

South Korea and the US are struggling to finalise the terms of their trade deal, as Seoul resists pressure from Washington to allow Donald Trump to decide where billions of dollars of its capital should be invested in the US.

Seoul’s trade minister Yeo Han-koo is in Washington for talks with US trade representative Jamieson Greer, more than two months after the two sides announced South Korea would make $350bn in American investments in exchange for the US reducing its threatened tariffs from 25 to 15 per cent.

“The devil is in the details. We are in tense negotiations over the details,” Yeo said upon arriving in Washington on Monday.

Read more here.

Reuters reports:

Swatch (UHR.SW) will hike its prices in the United States by between 5% and 15% after the 39% tariff President Donald Trump imposed on Switzerland last month, the Swiss watchmaker's Chief Executive Nick Hayek said in a newspaper interview.

Hayek told the NZZ am Sonntag newspaper at the weekend that the U.S. tariffs could be mitigated through transfer prices, margins and the cost of the company's products.

\\"Depending on the brand, we will increase prices in the range of 5 to 15 percent. But since we also have a strong presence in Canada and Mexico, there will be opportunities there too for American consumers,\\" Hayek said.

Read more here.

China ruled on Monday that Nvidia (NVDA) violated anti-monopoly laws with a high-profile deal in 2020, increasing the pressure on Washington during sensitive trade negotiations continue in Madrid.

Nvidia's stock fell almost 3% before the bell.

Bloomberg News reports:

The US chipmaker was found in violation of antitrust regulations after the acquisition of networking gear maker Mellanox Technologies Ltd., the State Administration for Market Regulation said after concluding a preliminary investigation. Nvidia’s shares fell about 2% in pre-market trading, while US stock index futures pared gains.

The surprise announcement emerged with US and Chinese officials heading into a second day of wide-ranging negotiations in Madrid over tariffs, which could shape the relationship between the world’s two largest economies. Nvidia has this year found itself at the center of those discussions, because of its central role in driving future technologies including artificial intelligence.

In December, Beijing opened a probe into Nvidia’s acquisition of Mellanox, taking aim at the world’s most valuable company. Beijing gave approval for the $7 billion acquisition deal four years ago, on condition Nvidia not discriminate against Chinese companies.

Read more here.

US Treasury Secretary Scott Bessent confirmed on Monday that they are \\"very close\\" to resolving the TikTok issue with China, as trade discussions resumed in Madrid.

Bloomberg News reports:

The American official touted progress in the negotiation before he and US Trade Representative Jamieson Greer began a second day of dialog with their Chinese counterparts in the Spanish capital.

“I think on the TikTok deal itself, we are very close or we’ve resolved the issue. There are a range of other asks that are unresolved,” Bessent said.

He stated that the Chinese side, led by Vice Premier He Lifeng, made an “aggressive ask” in talks, without saying what that was about.

Greer said the two sides have had general discussions about trade imbalances, although they have not “found a path forward on that.”

Read more here.

Reuters reports:

China on Monday said it firmly opposed the United States calling on the G7 and NATO countries to impose secondary tariffs over purchases of Russian oil, pledging to take measures to safeguard its rights and interests.

Read more here.

US and Chinese officials met on Sunday to discuss trade, the economy and TikTok in high-level talks in Madrid, a senior Treasury official said, as diplomacy between the two countries steps up.

Bloomberg News reports:

A US delegation helmed by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer and a Chinese group led by Vice Premier He Lifeng met for almost six hours on Sunday, the official said.

“We’ll start again in the morning,” Bessent said late Sunday as he waved and climbed into an SUV after the meeting.

Included in the agenda are national security issues and the status of ByteDance Ltd.’s TikTok, which faces a deadline this week to reach a deal to continue operations in the US. Officials were also expected to lay the groundwork for a potential meeting between Donald Trump and Xi Jinping as soon as October, when they’re scheduled to attend a summit in South Korea.

Trump told reporters later on Sunday that the talks are “going fine,” but said that TikTok’s fate will be determined by Beijing’s actions.

Read more here.

Bloomberg reports:

President Donald Trump’s most concrete step to rein in unprecedented US budget deficits — sweeping tariff hikes — faces the danger of a legal reversal that would put the nation’s finances on an even shakier footing.

Trump and top aides including Treasury Secretary Scott Bessent have argued that federal borrowing needs will shrink in coming years as Republican tax cuts, reduced regulation and big-ticket investment pledges from companies and foreign nations stoke economic growth and goose federal revenues. Many economists question that outlook, but few disagree that tariff hikes are indeed generating a new stream of cash for the Treasury.

Customs duties — paid overwhelmingly by American importers — have totaled $165 billion for the 2025 fiscal year with one month left to go, Treasury Department figures showed Thursday. That’s up some $95 billion on the year before.

Most of the jump is thanks to tariffs Trump imposed using the International Emergency Economic Powers Act (IEEPA) Bloomberg Economics analysis shows. But an Aug. 29 federal appeals court ruling has called the legality of that maneuver into question. Unless the Supreme Court, which has agreed to review the case, decides in the president’s favor, Bessent has warned the government could be liable to refund large sums of money.

Read more here.

President Trump's tolerance with Russian President Putin is wearing thin. In a Fox News interview on Friday, Trump made the comment that his patience with Putin was “running out fast” and threatened Moscow with new economic sanctions over the war in Ukraine.

Bloomberg News reports:

“It’ll be hitting very hard on with sanctions to banks and having to do with oil and tariffs also,” Trump said Friday in an interview on Fox News.

Still, the president insisted that he had already “done a lot” to punish Russia, noting expanded tariffs he placed on India for purchasing Russian energy and argued that “this is a Europe problem, much more than our problem.”

Russia on Friday said negotiations with Ukraine were on “pause” despite Trump’s push following a meeting with Putin last month for direct talks between the Russian leader and Ukrainian President Volodymyr Zelenskiy.

“Communication channels exist, they are established, our negotiators have the opportunity to communicate through these channels, but for now, perhaps, we can talk about a pause,” Kremlin spokesman Dmitry Peskov told reporters Friday, without elaborating.

Read more here.

Swiss watchmaker Swatch (UHR.SW, UHRZ.XC) has started selling a special edition watch with the numbers 3 and 9 reversed on its dial, a tongue-in-cheek reference to President Trump's 39% tariffs imposed on US imports from Switzerland last month.

Reuters reports:

The tariffs - among the highest set by Trump worldwide - were met with shock and dismay in Switzerland, a leading producer of high-end watches and other luxury goods.

Costing 139 Swiss francs ($175), the watch named \\"WHAT IF...TARIFFS?\\" went on sale on Wednesday and is only available in Switzerland, a company spokesperson said on Friday.

\\"Because as soon as the U.S. changes its tariffs for Switzerland, we will immediately stop selling this watch,\\" the spokesperson said, declining to say how many watches had so far been sold but calling the model \\"a huge success.\\"

Read more here.

Reuters reports:

The United States and Japan reaffirmed their commitment to \\"market determined\\" exchange rates, while agreeing that foreign exchange interventions should be reserved for combating excess volatility, according to a joint statement released on Friday.

The latest agreement also notably made no new demands by the Trump administration on Tokyo around foreign exchange or other matters, a point analysts say will give Japan some relief as it navigates tricky bilateral ties with Washington.

The U.S. Treasury Department and the Japanese Finance Ministry \\"reaffirmed that exchange rates should be market determined and that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability,\\" the statement said.

They chose this timing as the two countries this month published a separate joint statement clarifying details of their tariff deal, Kato said.

The tariff negotiations with the United States have been led by Economy Minister Ryosei Akazawa, while the two countries had agreed that any discussions on currency rates have to be held between Kato and Bessent.

Under the agreement, Washington will reduce tariffs to 15% on most Japanese imports in exchange for Japan's $550 billion U.S.-bound investment package, which includes government-backed loans and guarantees.

Read more here.

China has sent a warning to Mexico telling them to \\"think twice\\" before levying tariffs, a sign that could signal Beijing's willingness to retaliate over a move it sees as giving in to demands from President Trump.

Bloomberg News reports:

“Any unilateral tariff increase by Mexico, even within the framework of WTO rules, would be seen as appeasement and compromise toward unilateral bullying,” a spokesperson for the Ministry of Commerce said in a statement on Thursday. “We urge the Mexican side to exercise extreme caution and consider carefully before taking any actions.”

Mexico has come under growing pressure from Donald Trump’s protectionist stance on trade, particularly his push for steep tariffs on Chinese goods. The Latin American country announced plans Thursday to impose duties of as much as 50% on cars and other products made by China and several Asian exporters.

President Claudia Sheinbaum, who’s preparing for talks over North America’s free-trade deal, later insisted she doesn’t seek conflict with China but instead wants to protect domestic industry.

Read more here.

The FT reports:

The US will pressure G7 countries to hit India and China with sharply higher tariffs for buying Russian oil in an attempt to force Moscow into peace talks with Ukraine, according to four people briefed on the plans.

In a video call on Friday, finance ministers from the Group of Seven leading economies will discuss a US proposal for a round of new measures as Donald Trump steps up efforts to broker a peace deal in Ukraine.

The US president this week urged the EU to impose up to 100 per cent tariffs on China and India but is now expanding the push to include G7 allies.

“Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people,” said a US Treasury department spokesperson.

Read more here.

Yahoo Finance's Ben Werschkul reports:

President Trump's tariffs continued to add billions to US coffers as the summer ended with customs duties bringing in about $29.5 billion in August.

The final data for the month — released Thursday afternoon in the latest monthly statement from the US Treasury Department — confirmed another record after a July total of $27.7 billion.

The latest data also represents the first full month of receipts since new \\"reciprocal\\" tariffs went into effect on Aug.7. That move saw Trump levy duties of between 10% and 50% on importers bringing in a variety of goods from around the globe.

Read more here.

From Reuters:

U.S. Commerce Secretary Howard Lutnick said on Thursday he believes the United States will sort out a trade deal with India as soon as that country stops buying Russian oil.

Asked on CNBC what trade issue he was most focused on, Lutnick mentioned India and said: \\"Well, we're going to sort out India,\\" once it stops buying Russian oil.

Lutnick also said \\"we have a big deal coming with Taiwan\\" and he said a trade agreement would probably get done with Switzerland.

Read more here.

Inflation in August picked up again, according to the latest Consumer Price Index (CPI) report, as signs of President Trump's tariffs appeared to be trickling through to consumer prices.

Overall inflation rose 0.4% month over month and 2.9% year over year, driven by higher costs for food, gas, and shelter. Notably, fruit and vegetable prices rose 1.6%, meat prices rose 1%, apparel prices rose 0.5%, new vehicle prices rose 0.3%, and airfares surged 5.9% on a monthly basis.

\\"When I see apparel prices jump by half a percent, you know, those are tariffs,\\" RSM chief economist Joe Brusuelas told Yahoo Finance. \\"When I see food prices jump, given the composition of the North American food supply chain, that's tariffs.\\"

CPI’s categories in both m/m and y/y terms pic.twitter.com/0NTBARMDn1

— Liz Ann Sonders (@LizAnnSonders) September 11, 2025

A new analysis shows that 1 million Americans could be pushed into poverty as a result of President Trump's sweeping tariffs.

CNN reports:

President Donald Trump’s sweeping tariff regime is already reshaping global trade and spiking government customs revenue. But these historic import taxes could also push more Americans into poverty, according to new research.

An analysis published by The Budget Lab at Yale on Tuesday finds Trump’s tariff hikes will likely increase the number of Americans living in poverty by 875,000 in 2026. This increase includes an additional 375,000 children in poverty.

The figures are based on the Official Poverty Measure, a long-standing poverty metric based on pre-tax income.

Read more here.

In a bid to reduce President Trump's tariffs, Switzerland is proposing that its gold industry builds a refinery in the US or increases its processing capacity there as part of a trade deal.

Reuters reports:

President Donald Trump on August 7 slapped 39% tariffs on Swiss goods imports due to the U.S. trade deficit with Switzerland, which scrapped its own industrial tariffs at the start of last year.

That goods trade deficit with Switzerland has been chiefly due to Swiss exports of chemicals and pharmaceutical products, plus gold. Since the tariffs kicked in, the Swiss government and the private sector have been working together to lower them.

Switzerland is a top refiner of gold, and part of the plan is for the gold industry to raise its refining capacity in the U.S. to help even out trade flows, said the people familiar with discussions, speaking on condition of anonymity due to the sensitivity of the matter.

That meant building a refinery or investing in extra capacity in the U.S., the sources said.

Read more here.

Bloomberg News reports:

Chinese drug-related stocks stumbled after a report that the Trump administration has been discussing major restrictions on medicines from the Asian nation.

The Hang Seng Biotech Index dropped as much as 8.6%, the most in five months, before paring much of the loss. A draft executive order aims to impose tough scrutiny on licensing deals for experimental drugs with Chinese firms as part of an effort to boost the domestic US pharmaceutical sector, according to the New York Times report.

Measures to bolster US drugmaking would follow similar efforts by President Donald Trump’s government to increase domestic manufacturing of semiconductors and other crucial products. Meanwhile, China’s biotech industry has been gaining prominence this year as a new hub for drug innovation, driving big gains in share prices.

Read more here.