China has defended its purchase of Russian oil on Friday, saying its imports are justified. This follows President Trump's threat to punish China with higher tariffs due to its Russian oil buys.

“It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia,” the Chinese Foreign Ministry said Friday in a statement to Bloomberg News.

“We will continue to adopt reasonable energy security measures in accordance with our national interests.”

Meanwhile, the US is imposing tariffs on imports of 1kg and 100oz gold bars, a move first reported in the FT on Friday, has shaken bullion markets and could disrupt trade from key hubs like Switzerland.

The US Customs and Border Protection confirmed the bars are not exempt. The change has sparked some confusion among traders.

Gold futures (GC=F) in New York rose above London prices following the news.

President Trump took to Truth Social on Thursday to boast about his latest round of tariffs kicking in.

"IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote.

Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.

On Wednesday, Trump signed an executive order imposing an additional 25% tariff on India over its purchases of Russian oil.

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

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.

The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers.

US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations.

The Financial Times first reported this change.

Bloomberg reports:

Gold futures in New York surged to a record high, as traders, analysts and executives across the industry were left reeling. The move could upend global trade flows from Switzerland and other key trading and refining hubs including London and Hong Kong. Switzerland’s gold exports have become a flashpoint in its trade negotiations with the US, after a surge in shipments earlier this year caused the US’s trade deficit with the country to spike.

Traders and analysts are scrambling to understand the situation — whether the tariffs are already in force, if they apply to all countries, or even how they might be avoided. Some questioned whether the dramatic change could be an error on the CBP’s part, and suggested it may be subject to legal challenges.

Bullion traders had expected gold bars of one kilogram and 100 ounces to be exempt from Trump’s other tariffs, including the shock 39% country rate he put on Switzerland. But the CBP decision instead placed those items under customs codes that are subject to levies, according to the FT, which cited a letter that laid out the ruling.

Read more here.

China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow.

Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%.

Bloomberg News reports:

“It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia,” the Chinese Foreign Ministry said Friday in a statement to Bloomberg News. “We will continue to adopt reasonable energy security measures in accordance with our national interests.”

President Donald Trump said earlier this week he could punish China with additional tariffs over its purchases of Russian oil, saying “that may happen.”

Read more here.

The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo’s trade negotiator Ryosei Akazawa.

Bloomberg News reports:

His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month.

The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings.

There has so far been no official comment on the latest meetings from the US side.

Read more here.

Reuters reports:

Germany's VDA auto association said on Thursday that the promised trade agreement between the EU and the United States needed to be implemented now so the industry could receive some relief.

Sectoral tariffs of 27.5% \\"remain in place and place a significant burden on German automakers and automotive suppliers, as well as on transatlantic trade,\\" said VDA President Hildegard Mueller in a press release.

The EU Commission and German government must vigorously advocate for the U.S. to withdraw sectoral tariffs, she said.

A source familiar with the EU-U.S. negotiations had said on Wednesday that the EU will likely have to wait a few more days for an executive order by U.S. President Donald Trump.

US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take commence today.

Reuters reports:

\\"And then you're going to get the semiconductors, you're going to get pharmaceuticals, you're going to get all sorts of additional tariff money coming in,\\" Lutnick said in an interview with Fox Business Network.

When asked whether an August 12 deadline to reach a tariff agreement with China could be extended again, Lutnick said it was possible.

Read more here.

India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today.

Bloomberg News reports:

Companies including Indian Oil Corp. (IOC.NS), Bharat Petroleum Corp. (BPCL.NS) and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there’s clear government guidance, said the people, who asked not to be identified as they aren’t authorized to speak publicly. That will affect buying of the Russia’s Urals cargoes for October-loading, they added.

The global oil market has zeroed in on India’s crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country’s refiners taking Russian crude. The escalation — which hasn’t yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine.

Read more here.

Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs.

The FT reports:

One member of Switzerland’s upper house as well as a former Swiss ambassador are among those arguing the world football chief could help secure vital access to the US president, with whom he has a long-standing rapport. Some business leaders have also contacted Infantino, urging him to help, according to people familiar with the matter.

The calls come as Switzerland’s president and economy minister failed in a last ditch bid to avert the implementation of 39 per cent tariffs, as they left Washington empty handed.

President Karin Keller-Sutter and economy minister Guy Parmelin met with Marco Rubio on Wednesday afternoon but announced no change to the high tariff. The Swiss delegation was unable to secure a meeting with Trump.

Read more here.

Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new.

Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement.

Bloomberg News reports:

Expanding existing initiatives to show he supports the president’s “Made in the USA” agenda. Standing in the Oval Office on Wednesday between Trump and Vice President JD Vance, Cook announced that Apple will increase its US investment commitment to $600 billion over four years — up from the $500 billion pledged after Trump’s second-term victory.

A centerpiece of the expansion is a $2.5 billion investment into Corning Inc. (GLW), Apple’s longtime glass supplier. For the first time, the cover glass for all iPhones and Apple Watches will be manufactured in the US, at Corning’s facility in Kentucky. Though Apple has touted the US roots of iPhone glass before, a portion of that glass was previously made overseas.

“Apple’s been an investor in other countries a little bit. I won’t say which ones, but a couple. And they’re coming home,” Trump said when making the announcement. The $600 billion investment, he said, is “the biggest there is.”

Read more here.

Bloomberg News reports:

The US has imposed higher tariffs than Japan expected on a broad range of its goods, a senior Japanese ruling party official said Thursday, after a day of confusion over what exactly had been agreed between the two countries.

Japan faces “stacking” tariffs, where a new 15% levy is added to existing import taxes, even though it had expected to be given an exemption stripping out the old tariffs, Liberal Democratic Party policy chief Itsunori Onodera said in Tokyo.

“The tariffs have been imposed with no exemption, so the rate has risen by 15% as it stands,” Onodera said. “We are requesting a prompt correction from the US.”

Fresh confusion over the US-Japan trade deal came to the fore on Thursday, as Japan’s chief negotiator visits Washington to press his counterparts to follow through on a pledge to cut a separate levy on car imports. The disagreement between the two nations over implementing the universal tariffs suggests more misunderstandings and friction may emerge in the future.

Read more here.

President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs.

\\"IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!\\" Trump wrote.

Trump wrote that this money will come from countries he claims has taken advantaged of the US for years.

.\\"RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA.\\"

Trump's sweeping \\"reciprocal\\" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET.

Now the world waits to see how these new tariffs will affect the global economy.

Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US.

Reuters reports;

The world's top-selling car maker also cut by 16% its forecast for full-year operating profit, reflecting challenges for global manufacturers grappling with rising costs from U.S. levies on cars, parts, steel and aluminium.

\\"It's honestly very difficult for us to predict what will happen regarding the market environment,\\" Takanori Azuma, Toyota's head of finance, told a briefing, vowing to keep making cars for U.S. customers, regardless of tariff impact.

Read more here.

India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country.

Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil.

Bloomberg News reports:

Prime Minister Narendra Modi’s government fired back after the announcement, saying the purchases are necessary for the nation’s energy security and blasting Trump for singling out India when other countries are also buying Russian oil. The nation’s opposition leader, Rahul Gandhi, also lambasted Trump as a “bully.”

“We reiterate that these actions are unfair, unjustified and unreasonable,” a spokesperson for the Ministry of External Affairs said in a statement. “India will take all actions necessary to protect its national interests.”

Read more here.

Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US.

Bloomberg News:

“TSMC is exempted from the chip tariffs because it has set up plants in the US,” Liu Chin-ching, minister in charge of the National Development Council, said in Taipei on Thursday. As for other Taiwanese companies that may be affected by the levies, they “shall continue to stay ahead” if competitors face the same charges.

The US government has also expressed willingness to continue negotiations with Taiwan on tariff issues, Liu added. The government still expects economic growth in 2025 to reach the level of 3.1%, despite the impact of the new levies, Liu said.

Read more here.

Bloomberg News reports:

President Donald Trump said he could punish China with additional tariffs over its purchases of Russian oil, though one of his top advisers played down the likelihood.

Trump floated that possibility on Wednesday after doubling tariffs on Indian goods for buying Russian energy. Responding to a reporter’s question on penalizing China for the same reason, he said that “may happen.”

“I mean I don’t know. I can’t tell you yet. But I can — we did it with — we did it with India. We’re doing it probably with a couple of others. One of them could be China,” Trump said in the White House.

Read more here.

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.