President Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET. Dozens of countries now face tariffs ranging from 10 to 50%, and the overall average effective tariff rate is projected to rise to 18.3%.

As the trade deadline loomed Wednesday, Trump signed an executive order imposing an additional 25% tariff on India over its purchases of 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 has accused the country of effectively financing the Russian war in Ukraine. "They're fueling the war machine," he charged in a CNBC interview.

India's first 25% levy takes effect Thursday, part of scores of new duties that will see importers paying between 10% to 50% as they bring in goods from nearly 200 countries around the globe. Outside of India, Switzerland is the developed nation whose goods face a whopping increase: up to 39%.

You can see the new rates Trump is set to levy in the graphic below:

Trump also said that he would soon announce tariffs on semiconductor and pharmaceutical imports, as he prepares to add more sectoral duties to his mix of tariffs. He said duties on pharma could eventually balloon as high as 250%. On Wednesday, during a White House event with Apple (AAPL) CEO Tim Cook, he suggested he would impose a tariff of 100% on "all chips and semiconductors coming into the United States."

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.

Trump hiked tariffs on Canadian imports to 35%, though goods contained in the US-Mexico-Canada agreement are exempt, keeping this hike's impact limited so far.

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 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.

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 said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff.

Reuters reports:

Trump told reporters in the Oval Office that the new tariff rate would apply to \\"all chips and semiconductors coming into the United States,\\" but would not apply to companies that had made a commitment to manufacture in the United States.

\\"So 100% tariff on all chips and semiconductors coming into the United States. But if you've made a commitment to build (in the U.S.), or if you're in the process of building (in the U.S.), as many are, there is no tariff,\\" Trump said.

Read more here.

Yahoo Finance's Dan Howley reports:

Apple (AAPL) is set to largely escape the Trump administration's upcoming promise of a 50% tariff on goods made in India destined for the US.

A White House official confirmed Wednesday that Apple's semiconductor-powered devices, including its iPhone, will be unaffected by Trump's 25% \\"reciprocal\\" tariffs set to go into effect Thursday.

The same goes for an upcoming promise of an additional 25% levy related to India's use of Russian oil that is set to be in place in about three weeks.

iPhones and other similar products will be subject to a separate tariff authority, which has not yet been unveiled.

Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company.

Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a \\"bully\\" for his negotiation tactics.

Bloomberg reports:

Narendra Modi’s main political rival blasted US President Donald Trump as a “bully” after he penalized India for its purchases of Russian oil, a rare moment of bipartisanship as public opinion at home hardens in favor of the prime minister.

“Trump’s 50% tariff is economic blackmail — an attempt to bully India into an unfair trade deal,” Rahul Gandhi, leader of the opposition Congress party, said in a post on X. “PM Modi better not let his weakness override the interests of the Indian people.”

Meanwhile Gandhi’s party colleague Shashi Tharoor urged the government to look at alternate trading partners, away from its biggest export market the US, and said he expects pressure within India now to impose reciprocal tariffs on American shipments to the South Asian nation.

Read more here.

European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue.

Reuters reports:

The European Union will likely have to wait a few more days for an executive order by U.S. President Donald Trump lowering tariffs on imports of European cars and car parts, a source familiar with the EU-U.S. negotiations said.

It means U.S. consumers will continue to see tariffs of 27.5% applied to the imports of cars including German-made BMW and Mercedes-Benz vehicles and Swedish-made Volvos, the source said, rather than the 15% rate Trump and European Commission President Ursula von der Leyen agreed in Scotland.

The rate will only come down once Trump issues a legally binding executive order.

White House officials did not immediately respond to a request for comment.

Trump on July 31 issued an executive order setting the EU's baseline tariff at 15%, but the order did not cover goods facing so-called Section 232 investigations, including autos, pharmaceuticals, semiconductors, wine and spirits and steel and aluminium.

Read more here.

In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk.

Reuters reports:

The letter was signed by organisations representing major European producers, including Diageo (DEO) and Pernod Ricard (RI.PA), US whiskey and wine producers, as well as glass suppliers, retailers and restaurants.

The letter was addressed to Trump from the Toasts Not Tariffs Coalition, which is formed of trade associations mostly from the wine and spirits supply chain. It called for a better deal ensuring \\"fair and reciprocal trade\\" for those industries.

It said 25,000 US jobs, including in restaurants and nightclubs, and nearly $2 billion in industry sales were at risk from the 15% tariff. It hits the sector just ahead of its busiest period, spanning October, November and December. The letter did not explain the industry's calculations.

\\"As we approach the critical holiday season, a period that is essential to the success of our industries, we implore you to secure this important deal for the U.S. as soon as possible,\\" the letter read, adding it would represent a win for American workers, businesses and consumers.

Read more here.

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, which India's Prime Minister Narendra Modi called \\"unjustified,\\" also calling 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, relations between the US and India appeared more friendly, with both sides saying they would reach a deal within days. However, over recent months ,things seem to have turned sour as neither side can agree on some of the finer details within the deal, which concern dairy and agricultural 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 than ever before.

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.