The European Union said on Wednesday that it will look to restart stalled talks to lower tariffs on steel and aluminum exports. The EU's trade chief Maros Sefcovic will meet US Trade Representative Jamieson Greer this week to try and eliminate or significantly reduce the duties, Sefcovic said in an interview with Bloomberg.

Meanwhile, India has said it wants to increase purchases of oil and gas from the US, Commerce Minister Piyush Goyal said.

The move may help lower tariffs on India's exports and help them secure a trade deal.

The US and China are in the final stages of negotiations for a "huge" Boeing (BA) aircraft deal that could end up as a "centerpiece" of a broader trade agreement between the nations.

“This is a huge order, and it’s very important to the president. Very important for Boeing. I think it’s very important to China,” US Ambassador to China David Perdue said Tuesday.

Boeing has been working on finalizing a deal with China to sell as many as 500 aircrafts. The order has been years in the making.

In other China trade-related developments, Reuters reported Tuesday that Chinese buyers have booked at least 10 cargoes of Argentine soybeans, dealing another blow to US farmers who have been shut out of their main market and hit by low prices.

The US and China have made progress toward various contours of a broader deal ollowing a Friday call between Trump and China's President Xi Jinping. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US, with the White House later naming Oracle (ORCL) as part of the consortium of investors.

Trump said the two leaders plan to conduct a series of meetings in the coming months, Yahoo Finance's Ben Werschkul reported, with the first meeting at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, scheduled for Oct. 30-Nov. 1.

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 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 above). 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 reports:

Vietnam's prime minister said Hanoi was pursuing new trade deals this year to mitigate the impact of tariffs imposed on its goods by the United States, its largest market.

The statement came days after estimates by the United Nations Development Programme showed U.S. duties risked slashing by up to one-fifth of Vietnam's exports to the United States, making it the hardest-hit country in Southeast Asia.

Exports \\"will face difficulties and challenges ... due to strategic competition, conflicts and the U.S.'s 'reciprocal' tariff policies,\\" Prime Minister Pham Minh Chinh said in a statement posted on the government's website on Wednesday.

He expected exports to grow more than 12% this year. Vietnam's exports in the year to September 15 rose 15.8% from a year earlier to $325.3 billion, according to government data.

Read more here.

India has said it wants to increase its purchase of oil and gas from the US, according to Commerce Minister Piyush Goyal.

The move may help to lower tariffs on New Delhi's exports and also aid in securing a trade deal.

This latest news comes after as President Trump imposed 50% tariffs on India due to its purchase of Russian oil, which Trump said has aided the Ukraine war. It also follows Washingtons last week, where they slapped $100,000 fees on new H-1B visa used mainly by Indian tech workers.

Bloomberg News reports:

“We expect to increase our trade with the US on energy products in the years to come,” Goyal said at an event in New York. “And being close friends, natural partners, our energy security goals will have a very high element of US involvement.”

The minister is visiting US to meet his counterparts after President Donald Trump imposed 50% tariffs on Indian exports last month, partly to penalize New Delhi for continuing to buy Russian oil. The move upended decades of US diplomacy with India and came amid favorable signs after resumption of trade talks.

Trump administration has maintained that India is helping to fund Vladimir Putin’s war in Ukraine. India has been the largest buyer of Russian seaborne crude as the discounted barrels have helped the world’s third largest oil consumer keep its import bill in check.

Stepping up oil and gas imports from the US will help reduce the trade imbalance between the two countries and bolster the trade negotiations.

Relations between New Delhi and Washington seemed to be back on track after Trump called Prime Minister Narendra Modi on his birthday. But it ran into rough weather again after Washington slapped a $100,000 fees on new H-1B visa used mainly by Indian tech workers.

Goyal said US had a crucial role to play in diversifying India’s energy security goals, and ensuring stability for the import-dependent nation.

Read more here.

US Trade Representative Jaimeson Greer said that trade deals with some Southeast Asian countries are expected within weeks as President Trump's policies prompt a wave of efforts to try and lower tariffs.

Bloomberg News reports:

“President Trump and myself are proud of the work we have done together on these deals and expect to finalize these agreements in the coming months or even weeks for some,” US Trade Representative Jamieson Greer said ahead of meetings with Association of Southeast Asian Nations economic ministers in Kuala Lumpur on Wednesday.

It’s the first high level gathering between the regional bloc and the US since the latter implemented so-called reciprocal tariffs in August.

While the region’s exporters had seen a boom in sales ahead of the tariffs, as companies front-loaded shipments and relocated some manufacturing to the region away from China, that’s set to reverse as the levies settle in

Read more here.

Reuters reports:

Canadian Prime Minister Mark Carney said he had \\"constructive\\" trade talks with Chinese Premier Li Qiang and expected the dialogue to deepen over time, as both countries seek to navigate a way out of a tariff conflict.

Ties deteriorated after Canada imposed tariffs on imports of China-made electric vehicles, as well as Chinese steel and aluminium last year. Beijing fought back by levying hefty taxes on Canadian canola imports, but said the tariffs were preliminary, keeping the door open for further dialogue.

Both countries have made efforts to repair ties after US President Donald Trump returned to the Oval Office in January and slapped tariffs on their respective imports.

In June, the Chinese premier told Carney in a phone call that there were no deep-seated conflicts of interest between the two countries.

\\"There is some alignment of tariffs with the United States, and I will highlight particularly in the steel sector, where we've been very clear in the approach that we have taken, and we had an open discussion with the Premier and our Chinese colleagues about that and the reasons for that,\\" Carney told reporters on Tuesday, after meeting with Li on the sidelines of a U.N. assembly in New York.

Read more here.

Fed Chair Powell said Tuesday that businesses passing higher costs from tariffs on to consumers has been \\"later and less than we expected.\\"

Still, he noted that tariffs are driving up inflation \\"a bit\\" and that it's something the central bank is watching closely as it balances inflation risks with risks to employment.

Much of the attention in discussions about the effects of tariffs has been focused on the rising cost of goods. However, Powell pointed out that US trade and economic policies may be affecting hiring decisions as well.

\\"Job creation has dropped very sharply. So why is that?\\" Powell said. \\"I think part of it just is there's a lot of uncertainty about the direction of public policy, and so companies are holding off. They're not hiring. And when you don't hire through attrition, your labor force shrinks, and you save money that way.\\"

\\"That may be a way of passing on tariff costs,\\" Powell said.

The OECD warned on Tuesday that despite global growth holding up better than expected, the full extent of President Trump's tariffs has yet to be seen.

Reuters reports:

\\"The full effects of these tariffs will become clearer as firms run down the inventories that were built up in response to tariff announcements and as the higher tariff rates continue to be implemented,\\" OECD head Mathias Cormann told a news conference.

In its latest Economic Outlook Interim Report, the Organisation for Economic Cooperation and Development said the full impact of U.S. tariff hikes was still unfolding, with firms so far absorbing much of the shock through narrower margins and inventory buffers.

Many firms stockpiled goods ahead of the Trump administration's tariff hikes, which lifted the effective U.S. rate on merchandise imports to an estimated 19.5% by end-August — the highest since 1933, in the depths of the Great Depression.

Read more here.

Reuters reports:

South Korean President Lee Jae Myung said negotiations with the U.S. on tariffs have stirred concerns in the foreign exchange market but he was confident the two sides will reach a solution, a statement from Lee's office said on Tuesday.

Lee made the comments during a meeting with some members of the U.S. Congress in New York on Monday while attending the United Nations General Assembly meeting this week, the statement said.

\\"President Lee said there is concern that instability can arise in South Korea's foreign exchange market during the course of tariff negotiations with the U.S. but the two sides will be able to find a solution that ensures commercial rationality,\\" it said.

Read more here.

An order of 500 Boeing (BA) aircraft for China, years in the making, is currently in the final stages of negotiations. Some have said it could be the centerpiece of a trade agreement between the US and China.

US Ambassador to China David Perdue said an order could be just days away. He didn't offer specifics but said, \\"This is a huge order.\\"

Bloomberg News reports:

\\"It’s very important to the president. Very important for Boeing. I think it’s very important to China,” Perdue said Tuesday.

Boeing has been working toward finalizing a deal with China to sell as many as 500 aircraft, in a transaction that would end a sales drought that stretches back to US President Donald Trump’s last visit in 2017, Bloomberg News reported last month. The landmark order, which has been years in the making, would be the centerpiece of a trade agreement between the two nations but has been contingent on an easing in tensions.

Read more here.

The US Secretary of State Marco Rubio has met with India amid the latest tensions around visas and said that New Delhi is critical for the US.

Bloomberg News reports:

Rubio met Monday with Indian External Affairs Minister Subrahmanyam Jaishankar, stressing that ties between the two countries remain “of critical importance” despite fresh strains including a move to curb skilled-worker visas that will hit Indian nationals hardest.

Jaishankar said of the meeting in a post on X that the two sides “agreed on the importance of sustained engagement to progress on priority areas” and would remain in touch.

The meeting came after President Donald Trump last month upended decades of US diplomacy with India by imposing 50% tariffs on Indian exports, partly to penalize New Delhi for continuing to buy Russian oil. Relations appeared to improve briefly when trade talks resumed and Trump called Prime Minister Narendra Modi to wish him a happy birthday.

But tensions escalated further last week when Trump announced a $100,000 fee on new H-1B applications, a move that would disproportionately affect Indians, who have accounted for more than 70% of such visas in the past. The order has rattled India’s $280 billion tech services industry, threatening business outsourcing models and putting thousands of jobs at risk.

Read more here.

China's export machine appears to be unstoppable right now. In the five months since tariffs have been introduced, China's trade surplus is heading towards a record $1.2 trillion, as Beijing manufacturers refuse to be held back by President Trump's trade war.

Bloomberg News reports:

With access to the US curtailed, Chinese manufacturers have shown they aren't backing down: Indian purchases hit an all-time high in August, shipments to Africa are on track for an annual record and sales to Southeast Asia have exceeded their pandemic-era peak.

That across-the-board surge is causing alarm abroad, as governments weigh the potential damage to their domestic industries against the risk of antagonizing Beijing — the top trading partner for over half the planet.

Read more here.

Reuters reports:

Chinese buyers booked at least 10 cargoes of Argentine soybeans after Buenos Aires on Monday scrapped grain export taxes, three traders said on Tuesday, dealing another setback to US farmers already shut out of their top market and hit by low prices.

Argentina's temporary tax move boosts the competitiveness of its soybeans, prompting traders to secure cargoes for fourth-quarter inventories in China, a period usually dominated by U.S. shipments but now clouded by Washington's trade war with Beijing.

The Panamax-sized shipments of 65,000 metric tons each are scheduled for November, with CNF (cost and freight) prices quoted at a premium of $2.15-$2.30 per bushel to the Chicago Board of Trade (CBOT) November soybean contract, two traders with direct knowledge of the matter said.

One of the traders said Chinese buyers had booked 15 cargoes.

The deals are a fresh blow for U.S. farmers, who are missing out on billions of dollars of soybean sales to China halfway through their prime marketing season as unresolved trade talks freeze exports and rival South American suppliers led by Brazil step in to fill the gap, traders and analysts have said.

Read more here.

President Trump's mission to curb visas for foreigners has added fresh pressure to the US-India ties that only appeared to be on the mend last week.

Bloomberg News reports:

Trump’s $100,000 fee for new H-1B applications will predominantly affect Indians, who’ve made up more than 70% of the visas in the past. The US president’s order has rattled India’s $280 billion tech services industry, threatening their business outsourcing models and putting thousands of jobs at risk.

Trump has upended decades of US diplomacy by slapping 50% tariffs on Indian exports in August, part of which is to penalize the country for buying oil from Russia. Tensions appeared to ease last week when trade talks resumed and Trump called Prime Minister Narendra Modi on his birthday. The abrupt move to curtail immigration puts that detente in doubt.

“This is a big nail in the coffin for India-US relations,” said Biswajit Dhar, a professor at the Council for Social Development, a New Delhi-based research institute. “A $100,000 fee is like a non-tariff barrier equivalent in services sector and is aimed at blocking out Indian professionals, dealing a body blow to the relationship.”

Read more here.

Switzerland is offering to \\"Buy America\\" in a push to persuade President Trump to lower its tariffs on Swiss imports.

The FT reports:

The Swiss government has engaged in negotiations after President Donald Trump went ahead with his threat to impose an unexpected 39 per cent rate on the Alpine country — one of the highest levels applied to a western ally — because of the trade imbalance between the two countries.

“We have had some good progress lately. Negotiations are still ongoing, but I would not be hopeful for an imminent deal,” said Rahul Sahgal, chief executive of the Swiss-American Chamber of Commerce.

Bern has offered to buy more US weapons and energy — including enriched uranium and liquefied natural gas — and made fresh investment pledges, according to two people close to the negotiations.

One US official confirmed that Washington and Bern were still discussing a potential trade deal.

The delicate talks have been handed to economy minister Guy Parmelin, who is set to become federal president next year in the country’s rotational system. Parmelin was in Washington earlier this month, holding lengthy sessions with Trump trade officials Howard Lutnick, Scott Bessent and Jamieson Greer.

Read more here.

South Korea's President Lee Jae Myung told Reuters that if Seoul caves to US demands around tariffs and its $350 billion investment it could fall into financial crisis rivalling its 1997 meltdown.

Reuters reports:

Seoul and Washington verbally agreed to a trade deal in July in which the U.S. would lower President Donald Trump's tariffs on South Korean goods in exchange for $350 billion in investment from South Korea, among other measures.

They have yet to put the agreement to paper because of disputes over how the investments would be handled, Lee said.

\\"Without a currency swap, if we were to withdraw $350 billion in the manner that the U.S. is demanding and to invest this all in cash in the U.S., South Korea would face a situation as it had in the 1997 financial crisis,\\" he said through a translator.

Read more here.

Bloomberg News reports:

The top lawmakers on the House China committee called on Commerce Secretary Howard Lutnick to investigate Chinese electronics and phone accessory manufacturer Anker Innovations Technology Co. for what they called unfair pricing and possible illegal evasion of US tariffs.

The Chinese consumer tech company deploys “unlawful methods” to avoid US tariffs, including misclassifying product codes and illegally routing products through Southeast Asian countries to duck payment of trade levies, the lawmakers said, according to a letter seen by Bloomberg News. Anker’s shares slid 8% Monday in their biggest slide since April.

The House Select Committee on China sent the letter to Lutnick on Friday, per its date and signature. In their letter, Republican Chairman John Moolenaar and Democratic Ranking Member Raja Krishnamoorthi, urged Lutnick to direct the Commerce Department to probe the company’s practices. The lawmakers also said that Anker received at least $12 million in subsidies from the Chinese Communist Party in 2023, allowing it to gain “unfair access” to the US market.

Anker said in an emailed message that it has “initiated an internal review procedure and will hire a US adviser to assist in checking facts and evaluating relevant compliance issues.”

Read more here.

Reuters reports:

Euro zone consumers have altered their consumption habits in anticipation of U.S. tariffs, moving away from American products and reducing discretionary spending, a study published by the European Central Bank on Monday found.

Euro zone consumers, sitting on ample savings built up in the years since the pandemic, have been cautious in making purchases all year as uncertainty over tariffs kept key parts of the bloc's economy in limbo.

\\"In response to tariff-related concerns, consumers are altering their spending habits in notable ways,\\" the ECB said in an Economic Bulletin article.

The ECB found that around 26% of its survey respondents reported switching away from U.S. products. Around 16% indicated they have reduced their overall spending.

\\"High-income households are more likely to switch away from U.S. goods, while lower-income households are more inclined to cut back their overall spending,\\" the ECB said, adding that financial literacy also impacted these decisions.

Read more here.

Shares in Porsche (PAH3.DE, P911.DE, POAHY) fell 6% on Monday after the German luxury sports carmaker paused rollout of its electric models due to weak demand and tariffs, which led to the company slashing its 2025 profitability outlook.

Reuters reports:

Its parent Volkswagen and holding company Porsche SE, Volkswagen's biggest shareholder, fell by 3.9% and 4.3%, respectively, at market open.

Porsche cut its profitability guidance on Friday and announced a delay in the launch of some all-electric models in further signs of trouble for the company, whose profits were nearly wiped out completely in the second quarter amid pressure in its key market China and higher U.S. tariffs.

As a result of the product delays, Porsche now expects its profit margin this year to reach a maximum of 2%, down from a previously guided range of 5-7%.

Read more here.

Reuters reports:

ZURICH — Novartis (NVS) has increased its stockpiles of pharmaceuticals in the United States and is well prepared should its products be hit by President Donald Trump's tariffs, its chief executive said in an interview published on Saturday.

Pharmaceuticals are currently exempt from the 39% tariffs Washington imposed on Switzerland last month, although the industry is awaiting the outcome of a investigation which could lead to sectoral import duties.

The U.S. also reached a bilateral trade deal with the European Union in July, which includes a 15% tariff on pharmaceuticals, except for some generic drugs.

Read more here.

Bloomberg News reports:

US stocks are trading at record levels with earnings season right around the corner, and improving expectations for Corporate America’s profit growth indicate that the rally can keep going.

Among the companies in the S&P 500 Index (^GSPC) that provided guidance for their third-quarter results, more than 22% were expecting to beat analysts’ expectations — the highest reading in a year, according to data compiled by Bloomberg Intelligence. In addition, the share of firms issuing worse-than-expected profit forecasts was the lowest in four quarters as well.

The improving profit outlook flies in the face of what many Wall Street pros had been expecting as the initial wave of tariffs imposed by President Donald Trump started to hit.

“People have been crying wolf regarding tariffs, but the wolf has yet to appear,” said Sam Stovall, chief investment strategist at CFRA. “And the real question is, has the wolf been delayed or eliminated? It seems like corporations are absorbing most of the tariffs costs.”

Read more here.

Reuters reports:

Automakers have been absorbing billions in added expenses since U.S. President Donald Trump’s tariffs took effect in April, sparing American car shoppers from sticker shock. So far.

Car prices were supposed to have bolted higher by now, auto executives and analysts predicted. But that has not happened, mirroring some other industries where companies have decided to eat added expenses rather than passing them on to consumers.

The average manufacturer’s suggested retail price, or MSRP, on new vehicles in the U.S. rose less than 1% from mid-March to mid-August, according to car-shopping site Edmunds.

That restraint from the automakers has carried into this autumn, as car brands are implementing only modest price increases as they roll out their 2026 model-year lineups. Car brands tacked on 3.3% to their average sticker prices in August, according to Cox Automotive, up from last year's increase, but in line with historical averages.

But now that it appears many of Trump’s tariffs are likely to stick, carmakers are under growing pressure to raise prices, analysts and dealers said.

General Motors (GM) said it will face up to $5 billion in gross tariff-related costs this year, while Ford cited a $3 billion gross hit. The car companies have a few levers they can pull before burdening customers with that added cost, from absorbing it internally to asking suppliers or dealers to shoulder some.

Read more here.