The US and China face an Aug. 12 deadline to extend their tariff pause as Trump amps up threats of higher duties, citing China's purchase of Russian oil.

China defended its Russian oil buys, with the the Chinese Foreign Ministry saying Friday that it is "legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia."

Trump is reportedly nearing a face-to-face meeting with Russian President Vladimir Putin, but he has amped up threats on countries buying oil from Russia as he seeks an end to the war in Ukraine. This week, Trump doubled tariffs on India, citing its oil purchases.

Meanwhile, Trump is preparing for a ruling in a court case that will rule on his authority to impose many of his sweeping tariffs. On Friday, he argued that if an appeals court rules against him in the most-watched of several legal battles against his tariffs, it would have devastating economic consequences.

"It would be 1929 all over again, a GREAT DEPRESSION," he warned.

Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday — they are most at risk in the legal challenges.

You can see the new rates in the graphic below:

Meanwhile, during a recent White House event with Apple (AAPL) CEO Tim Cook, he suggested he would impose a tariff of 100% on chips and semiconductors, but hinted at a carveout for companies who build in the US.

Trump has unleashed a flurry of deals and trade moves in recent weeks:

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.

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

Trump imposed 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.

Yahoo Finance's Alexis Keenan reports:

President Trump on Friday said a potential US court ruling denying his authority to impose a wide range of global tariffs could have devastating impacts on the US economy.

\\"If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honor,\\" Trump said in a post on Truth Social. \\"It would be 1929 all over again, a GREAT DEPRESSION!\\"

Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set. In addition, Hundreds of Billions of Dollars are pouring into our Country's coffers. If a Radical Left Court ruled against us at this late date, in an attempt to bring down or…

— Unofficial Trump on X (@trump_repost) August 8, 2025

Data from the Treasury Department showed the government brought in $26.6 billion in customs duties in June, an increase from $22.2 billion in May, bringing the tally for the government's fiscal year to $108 billion. Final figures from Treasury for July's tariff-related haul are expected next week. A court ruling could force the government to pay back these receipts.

Multiple challenges to Trump's tariffs are pending in US federal courts, specifically related to the president's use of the International Emergency Economic Powers Act or \\"IEEPA,\\" which says presidents have authority to \\"regulate importation\\" to address a national economic emergency.

Read more here.

Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives.

Bloomberg reports:

Canada is working to reset its ties with Mexico as Donald Trump threatens his neighbors with punishing US tariffs ahead of a planned review of the North American free-trade pact.

Prime Minister Mark Carney sent his top diplomat and finance chief to the Mexican capital this week, where they met with President Claudia Sheinbaum and her officials, as well as corporate executives.

The move represents an attempt to patch over differences that arose during the final months of the previous Canadian administration, when provincial leaders mused about sidelining Mexico in trade talks with the US — and Carney’s predecessor refused to rule it out.

Trump hiked tariffs last week to 35% on Canadian goods that don’t comply with the continental free-trade agreement, in part because the northern nation retaliated against his levies. Mexico, which hasn’t hit back, was granted a 90-day reprieve while negotiations with the US continue.

Read more from Bloomberg here.

Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland.

\\"The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus,\\" the privately held company said.

From Reuters:

The U.S. is a key market for Pilatus, accounting for around 40% of annual PC-12 and PC-24 production, said the company based in Stans, central Switzerland.

Pilatus said the \\"massive additional costs and the resulting competitive disadvantages\\" versus U.S. and European competitors — were also causing increasing uncertainty among its customers.

The company said it would consider allocating PC-12 and PC-24 aircraft to other markets, while it was also accelerating its efforts to expand local

Read more here.

Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates.

The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty.

Reuters reports:

The Maryland-based retailer's attempts to reset its business after sales declined over the last two years have been in jeopardy, with consumer spending weakening in the U.S. as the Trump administration's fluctuating tariff policies fan uncertainty.

Under Armour in May announced plans to raise prices, risking demand for its apparel as customers look for cheaper options.

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 effect.

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.