President Trump on Wednesday made a slew of moves on the tariff front, threatening a 25% tariff on goods from India and slapping massive, 50% tariffs on goods from Brazil.

Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia.

“India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said.

Trump also signed several orders Wednesday:

One order imposes a 50% tariffs on copper imports. Following a Section 232 investigation, the Trump administration is imposing a 50% tariff on semi-finished copper products and copper-intensive derivative products on Aug. 1, but has excluded copper scrap and copper input materials.

Another order ends the so-called de minimis exemption, thereby applying tariffs to low-value imports that have evaded the duties. That measure take effect Aug. 29 and apply to goods that are valued at or under $800 that had qualified for that tax-free treatment, according to a White House fact sheet.

The final order imposes the 50% tariffs on imports from Brazil, which Trump had threatened earlier this month. The order says former President Jair Bolsonaro, currently on standing trial for his alleged participation in coup attempt, has been victim of "political persecution." The order appears to include exemptions for key US imports, including orange juice and aircraft parts.

Trump also again said he would not extend Friday's deadline for new tariff levels to kick in. Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals.

Meanwhile, the US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies before an Aug. 12 deadline.

Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday.

Top EU critics say it's a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying and France’s Bayrou dubbed the EU’s "submission" a "dark day."

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.

Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the \\"early beginnings\\" of tariff inflation on goods.

\\"They'll cross the street in a group,\\" Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs.

Powell's comments echoed some of what we've heard from companies so far this earnings season.

While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs.

Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a \\"surgical\\" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs.

Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase.

\\"That gave us the opportunity and the confidence to know that we could also do the same thing,\\" CEO Mark Sheahan said.

Read more live coverage of corporate earnings.

President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800.

Bloomberg reports:

US President Donald Trump on Wednesday signed an executive order suspending the de minimis exemption, applying tariffs to low-value imports from all trading partners.

The measure will be effective on Aug. 29 and apply to all goods that are valued at or under $800 that previously qualified for that tax-free treatment, according to a White House fact sheet.

Some exemptions for US travelers, allowing them to bring back up to $200 in personal items, and for individuals to continue receiving “bona fide gifts” valued at $100 or less duty-free will remain in place, the White House said.

Trump’s order will apply fresh duties to online retailers that ship directly to US consumers. Packages coming into the US have long qualified for the exemption, which has been a boon for companies abroad ,such as discount retailers Temu and Shein Group Ltd., that ship low-cost clothing, household goods and other items directly to American consumers.

Read more here from Bloomberg.

President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro.

AP reports:

President Donald Trump signed an executive order Wednesday to impose his threatened 50% tariffs on Brazil, setting a legal rationale that Brazil’s policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law.

Trump had threatened the tariffs July 9 in a letter to President Luiz Inacio Lula da Silva. But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the U.S. economy. But America ran a $6.8 billion trade surplus last year with Brazil, according to the U.S. Census Bureau.

A statement by the White House said Brazil’s judiciary had tried to coerce social media companies and block their users, though it did not name the companies involved, X and Rumble.

Trump appears to identify with Bolsonaro, who attempted to overturn the results of his 2022 loss to Lula. Similarly, Trump was indicted in 2023 for his efforts to overturn the results of the 2020 U.S. presidential election.

Read more here.

Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal.

\\"Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen,\\" Powell said in a press conference after the Federal Reserve held interest rates steady.

Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker.

“It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period,\\" Powell continued. \\"But we're still, you know, a ways away from seeing where things settle down.\\"

\\"It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come.\\"

“There are many, many uncertainties left to resolve, yes, we are learning more and more, it doesn’t feel like we’re very close to the end of that process,” Federal Reserve Chair Jerome Powell says. pic.twitter.com/DTSjmKSPYy

— Yahoo Finance (@YahooFinance) July 30, 2025

President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1.

According to a White House fact sheet, \\"The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1.\\"

The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February.

The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure.

Read more here from Reuters.

President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny.

Bloomberg reports:

Trump touted landmark agreements with Japan and the European Union in the past week, adding to pacts with a handful of smaller economies. An extension of the US-China tariff truce is also in the works. The administration is taking a victory lap, claiming vindication for Trump’s bargaining style as he prepares a raft of import-tax hikes before an Aug. 1 deadline.

Yet while the scale of America’s tariff wall is becoming clearer, other details remain fuzzy in the extreme – especially investment promised by counterparties, which on paper exceeds $1 trillion for the EU and Japan deals alone.

... Trump’s deal with Japan includes a $550 billion fund that the US called a “foreign investment commitment,” and the president said amounts to “a sort of signing bonus.”

But Japanese officials said only 1% or 2% of the total – a maximum $11 billion — would be investment, with the rest essentially made up of loans. And they said the 90%-10% profit split in America’s favor highlighted by Trump’s team only applies to that smaller investment portion.

At minimum, the two countries are describing the accord differently, raising the potential for future snags.

The EU pledged $600 billion in new investments. European officials say the target is just an aggregate of promises by companies, and the bloc can’t commit to a binding target. Neither side has spelled out the contents.

Read more here.

Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook.

\\"I would say that we are even more optimistic now,\\" Hershey CEO Michele Buck said on the company's earnings call. \\"As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US.\\"

Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products.

\\"If you grow something and we don't grow it, that can come in for zero [tariffs],\\" Lutnick said on CNBC's Squawk Box on Tuesday. \\"So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources,\\" Lutnick added.

Hershey plans to raise prices, though Buck stated that the price increases \\"had nothing to do with tariffs.\\" For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs.

\\"We'll continue to press on tariffs relative to the cocoa exemption,\\" Buck said, adding: \\"That's sort of out of our control, but [we] continue to lean there.\\"

Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1.

India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US.

Reuters breaks down some of the key issues in focus:

US demands: Washington is pushing for better access to India’s markets for agriculture, ethanol, dairy, alcoholic beverages, autos, pharmaceuticals, and medical devices. It also wants India to reduce non-tariff barriers and reform rules on patents, digital trade, and data flows.

India's domestic interests: India has resisted US demands to open its agricultural and dairy markets, saying such moves would hurt millions of poor farmers. Tariff cuts on corn, soybean, wheat, and ethanol remain off the table. Domestic automakers, pharma firms, and small industries have also lobbied for only a gradual opening, fearing disruption from US imports.

Lack of reciprocity: Despite offering limited tariff cuts and boosting imports of US energy and defence goods, India says it is still awaiting clear proposals from Washington. Officials cite Trump’s unpredictable trade moves as a concern.

Tensions over Pakistan: Trump’s repeated assertions that he helped broker a ceasefire between India and Pakistan earlier this year have raised concerns in New Delhi. Indian officials view the remarks as a strategic tilt toward Pakistan, complicating broader bilateral relations.

Read more here.

President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being \\"friends\\" they have done \\"little business\\" together.

\\"Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,\\" Trump wrote on Truth Social.

The US president went on to write that India had purchased the \\"vast majority\\" of its military equipment from Russia, alongside China and because of this things are \\"not good.\\"

ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!

These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs.

Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025.

Two posts from Truth Social this morning:

THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!

And:

AUGUST FIRST, A GREAT DAY FOR AMERICA!!!

Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker.

Reuters reports:

\\"Given that the global tariff and business outlook especially for discretionary product purchases remains uncertain, we continue to withhold our full year HDMC (Harley Davidson Motorcycle Company) 2025 financial outlook,\\" Harley-Davidson said.

The company's quarterly profit fell to $108 million, or 88 cents per share, from $218 million, or $1.63 per share, a year ago.

Read more here.

India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs.

Bloomberg News reports:

New Delhi is less optimistic about securing an interim agreement with the Trump administration before an Aug. 1 deadline when higher US duties kick in, the people said, asking not to be identified as the discussions are private. If India is slapped with higher duties on its imports this week, officials see this as a temporary measure until talks on a broader bilateral deal are concluded in the fall, they said.

Trump signaled Tuesday that India may be hit with a tariff of 20% to 25%, while cautioning the rate hadn’t been finalized yet. Any levy of that magnitude would be a blow to the South Asian nation, which had been one of the first countries to begin trade negotiations with the Trump administration, and had been seeking lower rates than the 19% given to Indonesia and the Philippines.

Read more here.

President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown.

While Volkswagen's (VOW3.DE, VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half.

Reuters reports:

The burden of tariffs on car imports to the United States only added to Porsche's woes, as it undergoes a costly restructuring while facing weakness in critical market China and a sluggish transition to electric cars.

\\"We continue to face significant challenges around the world. And this is not a storm that will pass,\\" Porsche CEO Oliver Blume said.

For Aston Martin (AML.L, ARGGY), the brand associated with fictional secret agent James Bond said it now expects adjusted operating profit to roughly break even this year, compared with its earlier forecast of positive operating earnings.

\\"The evolving and disruptive US tariff situation was unhelpful to our operations in Q2,\\" CEO Adrian Hallmark said.

Read more here.

President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline.

“I think so,” Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.

“India has been a good friend, but India has charged basically more tariffs than almost any other country,” Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. “You just can’t do that.”

The US Trade Representative Jamieson Greer said \\"more negotiations\\" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.

Bloomberg News reports:

Any rate 20% or higher would come as a disappointment for India, which had been seeking a better deal than the 19% that Trump offered Indonesia and the Philippines. Bloomberg reported earlier this month that the US and India were working toward an agreement that would reduce proposed tariffs to below 20%, even as Prime Minister Narendra Modi’s administration resisted demands to open up the agricultural and dairy sectors.

India and the US have already signed terms of reference for a bilateral trade deal and have agreed to a fall deadline for that. The two sides have been negotiating an interim agreement that New Delhi hoped would give it a reprieve from higher US import duties due to kick in on Friday.

Read more here.

Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker.

More from Reuters:

Embraer, the world's No. 3 planemaker after Airbus and Boeing, is currently the government's top concern, with dozens of pending deliveries to U.S. airlines. It has said a 50% tariff could trigger order cancellations, deferred deliveries and job cuts, hammering its revenue like the pandemic did.

Ports and Airports Minister Silvio Costa Filho said the government would do \\"everything within its power to help Embraer,\\" hinting at potentially providing the planemaker with credit lines.

In addition to aircraft, the U.S. is also a large buyer of Brazilian food products, such as coffee and orange juice.

Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country.

Read more here.

US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world’s two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time.

\\"We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do,\\" said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden.

\\"The president can make a final call,\\" he added.

Treasury Secretary Scott Bessent added Tuesday that it was \\"a very fulsome two days\\" of talks and that another 90-day pause remains on the table with the overall tone of talks being \\"very constructive.\\"

Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting.

Read more here.

The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply.

Reuters reports:

This latest data has confirmed economists' expectations that trade likely accounted for much of an anticipated rebound in economic growth in the second quarter.

While the unexpected contraction reported by the Commerce Department on Tuesday could prompt economists to upgrade their gross domestic product estimates for last quarter, the steep decline in imports flagged slowing domestic demand.

Imports surged in the first quarter as businesses rushed to beat higher prices from President Donald Trump's sweeping tariffs on foreign merchandise, contributing to the first decline in GDP in three years. The Trump administration has announced a number of trade deals which economists said could help to ease uncertainty.

\\"This lends upside risk for our (GDP) forecast,\\" said Matthew Martin, a senior U.S. economist at Oxford Economics. \\"As trade policy uncertainty eases, imports and exports may begin to find their troughs in the second half of the year and become less volatile.\\"

Read more here.

Reuters reports:

The IMF on Tuesday edged its global growth forecast slightly higher for 2025 and 2026 given stronger-than-expected purchases ahead of an August 1 jump in U.S. tariffs and a drop in the effective U.S. tariff rate to 17.3% from 24.4%.

But it warned that the global economy faced ongoing major risks, including a potential rebound in tariff rates, geopolitical tensions and larger fiscal deficits that could drive up interest rates and tighten global financial conditions.

\\"The world economy is still hurting, and it's going to continue hurting with tariffs at that level, even though it's not as bad as it could have been,\\" said Pierre-Olivier Gourinchas, chief economist at the International Monetary Fund.

Read more here.

India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline.

Reuters reports:

\\"Talks are progressing well, and a delegation is expected in Delhi by mid-August,” one of the Indian government officials said, adding that President Donald Trump could issue a tariff letter imposing duties of 20 or 25% in a \\"worst-case scenario\\".

\\"However, we assume it would be a temporary measure, considering the five rounds of trade talks that have taken place. A deal will soon be worked out,” the official said.

New Delhi plans to resume broader trade negotiations when a US delegation visits in mid-August, with the goal of finalising a comprehensive bilateral agreement by September or October, one of the Indian officials told Reuters.

Read more here.

The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided \\"so I think for the most part we're happy.\\"

More from Yahoo Finance's Ben Werschkul:

Another way to explain the market's relatively subdued response was put forth by Tobin Marcus of Wolfe Research. He outlined in a recent note that what is known may be sketchy but it's \\"a bullish outcome v. the range of possibilities, especially the reduction of sectoral tariffs to 15%\\" — adding that this emerging 15% standard is \\"better-than-feared.\\"

He added that markets also appear to have shifted and instead of a previous hope for a dynamic of \\"escalate to deescalate\\" — that is to a say a tense standoff followed by a deal to lower rates — the dynamic now apparently being priced in is one he termed an \\"escalate-to-escalate-less.\\"

Read more here.