China is pushing back against the US despite a temporary trade truce, according to a Bloomberg report on Wednesday.

Beijing summoned Nvidia (NVDA) staff last week over alleged security risks in its H20 chips, using the move to push back against Washington's push to track semiconductors. This latest development in trade between the two countries is seen as a warning that China won't accept US dominance in the chip sector.

Meanwhile, Canadian Prime Minister Mark Carney said he will look at ways to lift some counter-tariffs on the US despite his campaign to resist Trump's trade war.

President Trump on Tuesday said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so," as he prepares to add more sectoral duties to his mix of tariffs.

"We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it’s going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview.

Trump also threatened the European Union with increased tariffs if it failed to live up to a pledge to invest some $600 billion in the US.

Meanwhile, the world awaits Trump’s new tariffs, with India hitting back over threats to raise levies on its exports, calling the move unjustified and accusing the US of double standards on Russia.

Trump has signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.

Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below:

In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:

Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.

The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said.

Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.

The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.

Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).

The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.

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.

Bloomberg News reports:

President Donald Trump suggested he would impose increased tariffs on additional countries buying energy from Russia — including China — after saying earlier Tuesday that he would raise levies on Indian exports within 24 hours.

“We’ll be doing quite a bit of that,” Trump said when asked if he would follow through on a previous threat to impose tariffs on additional countries, including China. “We’ll see what happens over the next fairly short period of time.”

Trump also claimed that he “never said a percentage” that he would impose on Russian trading partners. Earlier this month, Trump told reporters he planned to do “very severe tariffs if we don’t have a deal in 50 days, tariffs at about 100%.” That rhetorical retreat suggests Trump may not intend to follow through on the full extent of his previous threats.

Read more here.

Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs.

Reuters reports:

Canada will provide up to C$1.2 billion to help softwood lumber producers deal with U.S. countervailing and anti-dumping duties, Prime Minister Mark Carney said on Tuesday.

Carney, speaking to reporters in the Pacific province of British Columbia, said Ottawa would make up to C$700 million available in loan guarantees and also provide C$500 million to help speed product development and market diversification.

Read more here.

Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6.

Yahoo Finance's Francisco Velasquez reports:

Tariffs will increase Starbucks' cost of goods, particularly for its ready-to-drink (RTD) beverages and packaged beans division. Annual costs in the division could increase by 3.5%, resulting in a $0.02 earnings per share impact, according to a note by TD Cowen analyst Andrew Charles.

The company's margins are already under pressure. In its latest quarter, operating margin fell sharply to 13.3% from 21% a year ago. Its US same-store sales declined for the sixth consecutive quarter.

Starbucks has said it will keep prices steady at least through fiscal 2025. But CEO Brian Niccol has not ruled out the possibility of raising prices.

\\"We'll be smart about how we go about increasing any of those prices,\\" Niccol said on Yahoo Finance's Opening Bid after the earnings report.

Food giants like Keurig Dr Pepper (KDP) and J.M. Smucker (SJM) have already begun issuing higher prices to offset rising coffee expenses. As costs climb, it may become increasingly difficult for Starbucks to hold out.

Raising prices comes with its own risks. Michael Gunther, head of research at Consumer Edge, told Yahoo Finance that Starbucks has been losing market share among 18-to-34-year-olds, a demographic especially sensitive to price hikes. The company needs to remain competitive with fast-growing rivals like Luckin Coffee, he noted.

Read more here.

The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month.

The WSJ reports:

French politicians have called for alcoholic beverages to be exempt from a baseline 15% tariff that will hit a majority of goods from the EU later this week as part of the trade deal.

The EU official said negotiators hope to have more news soon on which products would be included in a list of goods that will be exempted from that rate. He said there are a range of products—including medical devices and chemicals—that European policymakers believe should have an effective zero-tariff placed on them as part of the agreement.

“We fight for every product and every industry,” they said, adding that EU negotiators are trying to get as many products as possible included in the list of exemptions. “We hope to see more clarity and more focus as we progress,” they said.

Read more here.

Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy.

Yahoo Finance's Ben Werschkul reports:

The president has repeatedly said he's full-speed ahead on his plans and that no delays are likely — even teasing on CNBC Tuesday morning that he probably won't run for president again but that he'd like to, in part because, in his view, \\"people love the tariffs.\\" (Trump is, of course, barred by the Constitution from running for a third term, but he's often floated the idea.)

Some countries clearly aren't big fans at the moment and find themselves on the outside looking in — particularly Switzerland and India.

Those two nations face notably divergent situations right now, with the Swiss president announcing she is flying to Washington, D.C., today to try to find last-minute concessions to avert a 39% tariff on goods from her nation. India, meanwhile, has seen its chances of a deal dwindle, with top aides for Indian Prime Minister Narendra Modi also reportedly traveling this week — but to Moscow.

Read more here.

President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers.

Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs.

Bloomberg News reports:

On Monday, the US Federal Register published a list of exactly what will fall under the 50% levy. It includes semi-processed products — like wires, tubes and rods — worth $7.7 billion last year, plus cabling typically used for phone or internet connections with almost the same value, according to Bloomberg News calculations.

And it doesn’t stop there. The White House ordered officials to come up with a plan in 90 days to slap tariffs on an array of other copper-intensive manufactured goods. Trump dramatically expanded the scope of US aluminum and steel tariffs earlier this year by adding derivative products.

Read more here.

President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US.

\\"A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion,\\" Trump said during a CNBC interview.

\\"And that’s a gift, that’s not like, you know, a loan,\\" he said, claiming that the terms allow the US to direct where the EU invests.

President Trump said he would announce tariffs on semiconductor and pharmaceutical imports \\"within the next week or so.\\"

\\"We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it’s going to go to 250%, because we want pharmaceuticals made in our country,\\" Trump said during a CNBC interview.

He said semiconductor and chip tariffs would be in a \\"different category.\\"

The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts.

The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines.

The EU said it still expects turbulence in its trade dealings with the US.

Reuters reports:

\\"We do expect further turbulence, but we have a clear insurance policy - the 15% tariff across the board. If the U.S. administration does not stick to that, we have the means to react to that,\\" the official told reporters.

\\"The situation requires management, we have not solved everything in one go, but we have a solid foundation, we have changed fundamentally the approach with the U.S. Others are in a far worse position,\\" the official said.

The European Union still expects turbulence in trade relations with Washington, but it believes it has a good insurance policy thanks to a framework deal that covers most goods it exports to the U.S. by a maximum 15% tariff, an EU official said.

Read more here.

India has called out President Trump after he threatened to \\"substantially raise\\" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests.

Bloomberg News reports:

\\"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,\\" Trump alleged on Truth Social. \\"They don’t care how many people in Ukraine are being killed by the Russian War Machine.\\"

Trump didn’t say by how much he would increase the levy. Last week, he announced a 25% rate on Indian exports — one of the highest of any major economy — and vowed more duties if India continued to buy oil from Russia.

The US president’s warning comes ahead of an Aug. 8 deadline for Russia to reach a truce with Ukraine, with the administration threatening so-called secondary sanctions on countries that purchase Russian energy. Ukraine’s allies view those purchases as helping to prop up Russian leader Vladimir Putin’s economy and undercutting pressure on Moscow to end a war that is now in its fourth year.

Read more here.

Nvidia's (NVDA) main server assembly partner Hon Hai Precision (2317.TW) reported a sales slowdown for July due to US tariffs.

Bloomberg News reports:

July’s sales growth slowed compared to previous months, reflecting tariff-related uncertainties dampening electronics demand.

Sales rose 7.25% to NT$613.8 billion ($20.5 billion), its slowest growth since January. Analysts were looking for a 12.2% increase in third-quarter revenue. Hon Hai, which also assembles Apple Inc.’s iPhones, previously said it expects third-quarter sales to grow sequentially and year-on-year.

Last week, President Donald Trump set a 20% levy on Taiwan exports to the US. While electronics are exempt, they may be affected by the outcome of a US investigation, under Section 232 of the Trade Expansion Act, which includes probes into sectors such as semiconductor products.

Read more here.

Reuters reports:

Mazda Motor (7261.T, MZDAY) said on Tuesday it expects a 145.2 billion yen ($987.02 million) hit to its operating profit this business year due to U.S. import tariffs, as the Japanese automaker rolled out measures to cushion the impact.Mazda Motor (7261.T, MZDAY) said on Tuesday it expects a 145.2 billion yen ($987.02 million) hit to its operating profit this business year due to U.S. import tariffs, as the Japanese automaker rolled out measures to cushion the impact.

To soften the blow of the tariffs, the company said it is taking measures including changing shipping routes, increasing output at its plant in the U.S. state of Alabama and adjusting production volumes.

The impact of the higher U.S. duties on results this year remained \\"quite significant,\\" assuming that exports from Japan would face a 15% tariff and those from Mexico 25%, Chief Financial Officer Jeffrey Guyton said.

Without its countermeasures, the company would be at risk of a 233.5-billion-yen operating profit hit for the year ending March 2026, Guyton told reporters during a briefing.

Read more here.

Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit.

Reuters reports:

Shares in the world's top spirits maker rose over 6% in early trade, after Diageo also reported full-year profit ahead of expectations for its 2025 financial year, which ended in June.

It increased the estimated impact of tariffs for the year from $150 million previously, and also increased its cost savings target to $625 million, about $125 million more than its previous aim.

Diageo faces tariffs of 10% and 15% on the United Kingdom and European Union under trade deals brokered with Washington, though spirits companies still hope to win an exemption in talks with the EU.

Read more here.

Bloomberg News reports:

President Donald Trump’s expanded reciprocal tariffs will not apply to any products loaded onto a vessel for transport into the US before 12:01 a.m. New York time on Thursday, according to guidance issued by US Customs and Border Protection.

The notice, posted by the federal government on Monday, outlines implementation of the tariffs Trump announced last week, which are expected to ratchet up levies on dozens of trading partners.

Expected exemptions for products under the US-Mexico-Canada free trade agreement negotiated by the president during his first term are included in the document, as are exemptions for relief items like food, clothing and medicine set to be distributed as aid. So is the president’s threatened penalty of a 40% tariff on goods deemed by the federal government to be transshipped to avoid country-specific duties.

Read more here.

Yahoo Finance's Pras Subramanian reports:

Switzerland is bracing for a big tariff hike on its exports, and its watch industry could take the brunt if President Trump hits Alpine nations with an enhanced 39% tariff for its exports, slated to start on Aug. 7.

The Swiss watch industry employs thousands of artisans at various watchhouses that pump out millions of wristwatches and clocks each year. The industry also employs thousands in corporate and retail roles too.

In 2024, Swiss watch exports hit $29.5 billion, second only to manufactured items like pharmaceuticals and chemical products, with the US being Switzerland's main trade partner.

A tariff at these levels could crush demand for new Swiss watches.

“A 39% markup could make even a stainless-steel Submariner at retail jump from $10,000 to nearly $14,000,” secondhand dealer Bob’s Watches CEO Paul Altieri said to Yahoo Finance.

Read more here.

President Trump said on Monday he will \\"substantially\\" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.

\\"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,\\" wrote Trump on Monday morning.

\\"They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA,\\" he added.

President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.

Bloomberg reports:

“Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation,” it said in a statement on Monday, highlighting its foreign direct investments and research and development push in the US. It also excluded countermeasures for the time being.

With the new levies — the highest among industrial nations — scheduled to go into effect on Thursday, President and Finance Minister Karin Keller-Sutter convened an emergency meeting of the governing Federal Council to discuss how to proceed.

Negotiators with the Swiss State Secretariat for Economic Affairs have already reached out to their US counterparts to try and find a way forward. Bern is focusing on getting at least a longer timeline than Thursday, according to an official close to the talks, adding that anything improving the current situation would be a win.

Washington’s move came as a surprise as talks ahead of the Aug. 1 deadline had looked promising. A Thursday night call instead focused on Switzerland’s trade surplus in goods with the US.

The Swiss government stressed on Monday that the overhang “is not the result of any ‘unfair trade practices’.”

Switzerland’s outsized gold exports are partly to blame for the distorted trade balance. The country is the world’s biggest refining hub for the precious metal, with billions of dollars worth of gold constantly flowing into and out of the nation.

Pharmaceuticals, coffee and watches are the other main drivers.

Read more here.

The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday.

Reuters reports:

\\"The EU continues to work with the US to finalise a Joint Statement, as agreed on 27 July,\\" the spokesperson said in a statement.

\\"With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on 7 August.\\"

The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts.

Read more here.

President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits.

Bloomberg News:

Bullion is by far the country’s largest export good, according to Simon J. Evenett of IMD Business School. “Gold is special,” Evenett said. “It isn’t really manufactured in Switzerland. Processed is a better word.”

The impact of the industry is more important than ever as the Trump administration focuses on leveling trade deficits. Record bullion exports of more than $36 billion made up more than two-thirds of Switzerland’s trade surplus with the US in the first quarter, according to Swiss customs data.

The US president’s decision to slap tariffs of 39% on all Swiss imports has caused a shock in the country, with the government having previously been confident it would avoid heavy duties. US Trade Representative Jamieson Greer said the tariffs reflect the balance of commerce with America and the country’s willingness to address its trade deficit.

The recent flood of gold imports into the US was largely in response to a potentially lucrative trans-Atlantic arbitrage opportunity opened up by concerns the precious metal could get caught up in sweeping US import duties.

Read more here.

US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are \\"about halfway there.\\"

Bloomberg News reports:

“We’re focused on making sure that magnets from China to the United States and the adjacent supply chain can flow as freely as it did before the control,” Greer said in the interview, which was taped Friday. “And I would say we’re about halfway there.”

That assessment came some four months after China imposed export controls on rare earth magnets — used in products from home appliances to missiles — in retaliation for US tariff threats. Beijing has agreed to speed up their shipments after Washington suspended sky-high levies on Chinese exports.

US President Donald Trump is set to make the final call on maintaining the tariff truce, which expires Aug. 12, Greer said.

Read more here.