President Trump on Wednesday signed an executive order imposing an additional 25% tariff on India for purchasing Russian oil. The new tariff, which will come into effect in 21 days, is set to "stack" on top of an existing country-specific tariff of 25%.

In doing so, Trump is set to make good on a threat for higher tariffs on India, as he as accused the country of effectively financing the Russian war in Ukraine.

"They're fueling the war machine," he charged in a CNBC interview.

Meanwhile, China is pushing back against the US on chips despite a temporary trade and tariff 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 plans to track semiconductors.

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. He said those duties could eventually balloon as high as 250%.

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.

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.

President Trump has hit India with an additional 25% tariff due to India's purchase of Russian oil. The US President threatened India with higher tariffs earlier this week, to which India's Prime Minister Narendra Modi said that it was \\"unjustified\\" and also called out the US for its double standard over Russia.

In an interview with CNBC on Tuesday, Trump said that India was helping to fuel the war machine.

“They’re fueling the war machine. And if they’re going to do that, then I’m not going to be happy,” Trump said.

In the early days of trade negotiations, the relations between US and India appeared more friendly, with both sides saying they will reach a deal within days. However, over recent months relations seem to have turned soar as neither side can agree on some of the finer details within the deal, which concern dairy and agriculture products.

As a result a trade war seems to have developed between the two sides and now with this additional 25% tariff gift from Trump to Modi the two seem further away from reaching an agreement.

Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war.

Bloomberg News reports:

Carney said retaliatory tariffs should be designed to maximize the impact on the US but minimize the pain for Canadian businesses. When the US changes its tariff rate, “we don’t automatically adjust. We look at what we can do for our industry that’s most effective,” he said in West Kelowna, British Columbia.

“In some cases, that will be to remove tariffs. We have removed some tariffs over time so that, for example, the auto industry can function more effectively. And we’ll look at opportunities to do so.”

The comments underscore a politically awkward position for Carney as he seeks to minimize economic damage while also standing firm against Trump. The US president has imposed a broadside of tariffs and infuriated many Canadians by saying their country should be a 51st US state. Polls show there’s strong appetite among the Canadian public for a hardball approach to the trade talks.

Read more here.

President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month.

Bloomberg News reports:

His comments came as Tokyo’s top negotiator headed to Washington to press the Trump administration to follow through on a pledge to reduce tariffs on cars and car parts to 15% from the current crippling 27.5%.

“They’re taking our cars,” Trump said of Japan in a phone interview broadcast by CNBC on Tuesday. “They’re taking the very beautiful Ford F-150, which does very well. And I’m sure we’ll do very well there and other things that do very well here, will also do well there.”

Confusion hangs over various details of a trade deal struck between the US and Japan, sparking concern in Japan over its enforcement, particularly regarding cars. The Trump administration’s rhetoric over trade deals has often shown discrepancies with its partners, casting doubt over their viability.

Japan also said that investments in the US will be determined by whether they will benefit Tokyo.

Read more here.

Reuters reports:

Japan's promised $550 billion in U.S. investments under the trade deal struck last month will be determined by whether they will benefit Tokyo too, the Asian nation's top tariff negotiator said on Tuesday.

Ryosei Akazawa's comments came after U.S. President Donald Trump, in an interview with CNBC on Tuesday, compared the promised Japanese investment to \\"a signing bonus that a baseball player would get,\\" adding, \\"that's our money. It's our money to invest, as we like.\\"

Washington struck a trade deal with Tokyo in July that sets a reduced rate of tariffs on Japanese goods, including autos, of 15% in exchange for a $550 billion package of U.S.-bound investments and loans.

Speaking to reporters on arrival in Washington, Akazawa described the financial package as \\"a commitment to invest in the U.S. where there are benefits for Japan as well\\", like for building a supply chain in economic security areas.

\\"At the very least, we can't cooperate on anything that does not benefit Japan,\\" Akazawa said in his first visit to the U.S. since the two countries reached the deal.

Read more here.

Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast.

Reuters reports:

Japan's second-biggest car maker said quarterly operating profit was 244.2 billion yen ($1.66 billion) in the April-June period, more than a fifth below the average estimate of 311.7 billion yen in a survey of seven analysts by LSEG.

Honda said the steep 27.5% tariffs on auto imports by the U.S. - comprised a previous 2.5% rate and a 25% levy imposed by Trump in April - pulled down its operating profit for the quarter by about 125 billion yen.

But the automaker said the impact from the tariffs on its full-year operating profit was smaller than it had estimated in May. It now expects a 450 billion yen hit for the year, compared to 650 billion yen forecast previously.

Read more here.

China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors.

Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector.

Bloomberg News reports:

Chinese internet regulators last week summoned Nvidia Corp. (NVDA) staff over alleged security risks with its less-advanced H20 chips. The action, citing calls from US lawmakers to build tracking features into the most powerful semiconductors, has yet to lead to any type of formal ban or restrictions.

Either way, analysts see the move as not so much about the H20s, which Chinese state-backed entities have publicly employed for some time, but rather an easy way for Beijing to send a series of messages about the US plans: Domestic firms should be cautious, the world should be wary and Nvidia CEO Jensen Huang should influence the White House to shift course.

Read more here.

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.