Nvidia (NVDA) and AMD (AMD) have agreed to pay the US 15% of the revenue for certain chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships.

“To call this unusual or unprecedented would be a staggering understatement,” Stephen Olson, a former US trade negotiator, told Bloomberg. “What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that’s the case, we’ve entered into a new and dangerous world.”

The chips reportedly include Nvidia’s H20 AI accelerator and AMD’s MI308 chips, which the Trump administration had previously targeted with export controls.

Also on Sunday, President Trump urged China to quadruple soybean purchases ahead of an Aug. 12 deadline to either extend a tariff pause or allow higher tariff rates on Chinese goods entering the US to kick in.

Trump's latest sweeping "reciprocal" tariffs hit US trade partners last week.

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.

US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs.

Bloomberg News reports:

Futures were trading about $62 an ounce over the global spot benchmark on Monday, after surging to a record on Friday before erasing gains as the administration told Bloomberg that it would clarify what it called “misinformation” on the tariffing of gold and other specialty products. The price differential between trading hubs in the US and London fell below $60 an ounce in reaction to the news, after earlier surging to above $100 in response to the initial levy shock.

Washington’s policy has sweeping implications for the flow of bullion around the world, and potentially for the smooth functioning of the US futures contract. The administration had exempted the precious metal from duties back in April, and until there is long-term clarity, traders say, precious metals markets will remain on edge.

Read more here.

Bloomberg News reports:

Switzerland’s economy will prove resilient enough to largely shake off the shock of US tariffs over the next year or so, according to a Bloomberg survey of economists.

Forecasters have cut their projections for annual growth, adjusted for large sport events, by just 0.1 percentage point for 2025 and 2026. Expansion will be 1.4% and 1.1% for each year respectively, the median of eight respondents shows.

The economists do expect weakness in the near term after a growth spurt at the start of the year, driven by export frontloading in anticipation of US President Donald Trump’s global levies. They predict growth data on Friday will probably show a small contraction in the second quarter, before a pickup takes hold toward the end of the year.

“We don’t see a recession in Switzerland at all,” said Jean Dalbard of Bloomberg Economics. “The economy is not roaring, but it’s still growing.”

Read more here.

With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way.

Yahoo Finance's Rick Newman reports:

The theme of the moment in financial markets is the resilience of US stock values. President Trump is imposing billions of dollars in new import taxes on US firms, yet the S&P 500 (^GSPC) index is up 26% from its April low and fresh off several record highs. Investors who shunned US assets just a few months ago are now aggressively buying.

However, numerous warning signs have emerged during the second quarter earnings season as companies outline the ways Trump's tariffs are hurting profits, disrupting operations, and forcing price hikes onto consumers. Tariffs are not hitting every company, since they mainly affect goods, and many of America's top firms are service providers. But some analysts think the negative tariff effects are widespread enough to take the wind out of stocks soon.

Manufacturers are bearing a large portion of the tariff cost, since many rely on imported components that are now more expensive. Caterpillar (CAT), Kimberly-Clark (KMB), BMW (BMW.DE), Ford (F), Harley-Davidson (HOG), Hyundai (HYMTF), Tesla (TSLA), GE Aerospace (GE), 3M (MMM), and General Motors (GM) are among the companies saying tariffs reduced earnings in the second quarter. Ford, as one example, said tariffs would knock $2 billion off earnings this year. Caterpillar expects a tariff hit of at least $1.3 billion. Kimberly-Clark's tariff loss will be around $170 million.

Read more here.

It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday.

It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate.

Reuters reports:

DuBois et fils, founded in 1785, accelerated shipments on Monday from its factory in Muttenz, near Basel, to get through customs before the U.S. tariff on imports from Switzerland came into force.

\\"For the watch industry it's a huge disaster,\\" said Steinemann, who explained that he'd blocked U.S. orders because prices would need to be recalculated to account for tariffs. The firm would not soak up the hit, he said.

\\"The U.S. was a big driver in the last two years. Now this kills a lot of the business.\\"

His U.S. prices were going to rise, he added. The DuBois DBF008 watch, for example, would likely go up to $14,500, from $10,800. The United States accounts for around 15% of the global sales of DuBois, which sells directly to U.S. consumers.

The wider Swiss watch industry is feeling the pinch, planning price hikes, pausing U.S. orders, and looking for alternative markets for its expensive, hand-made timepieces. The country is home to brands such as Rolex, Patek Philippe, LVMH-owned Tag Heuer, Swatch-owned Omega and IWC Schaffhausen, owned by Richemont.

Read more here.

President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits.

Bloomberg reports:

The sweeping effects of the president’s trade war are coming into sharper focus as agricultural giants including Mosaic Co., AGCO Corp. and Bunge Global SA report their latest results: deliveries of key nutrients to the US have plunged, machinery prices are climbing and crop buyers are limiting purchases amid mounting uncertainty.

The levy-inflicted costs come at a time when American farmers — who by and large strongly support Trump — have little buffer to absorb the impact. A benchmark for corn, soybean and wheat prices has fallen to its lowest levels since the height of pandemic lockdowns amid ample supplies globally, cutting into farm revenues.

“Farmer economics in North America has been an industry concern as the price of corn has not kept up with the price of inputs,” Bert Frost, executive vice president of sales, market development and supply chain at fertilizer maker CF Industries Holdings Inc., said in a Thursday earnings call.

Frost added that tariffs delayed or even cut much-needed fertilizer imports into the US in the second quarter, leaving the company with “incredibly low inventory that needs to be rebuilt in the United States and Canada.”

Trump has asked farmers to give his tariff policies time to play out, promising better results than the trade deal he struck with China in his first term. Speaking on CNBC, Trump again touted his support for farmers, calling them a “very important part of this country” and saying he wanted to work to make sure they have the labor they need — even as many workers are deported via his immigration crackdown.

Read more here.

Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country:

On July 4, as the US celebrated Independence Day, Switzerland’s top circle of ministers also had reason to rejoice. They’d secured a deal to avoid punitive tariffs from Donald Trump — or so they thought.

Three and a half weeks passed before Swiss President Karin Keller-Sutter or anyone else in the cabinet realized things were about to go horribly wrong. When Trump announced his tariff verdict, Switzerland was handed the highest levies in the developed world.

The shock hit just hours before the country’s own national holiday on Aug. 1, prompting Keller-Sutter to make a last-ditch trip to Washington to rescue the situation. Instead, she was ghosted by the White House.

“We had, on the 4th of July if I recall, no signs that there would be a problem,” Vice President Guy Parmelin said on Thursday, the day a very different reality descended on Switzerland with the imposition of 39% tariffs — more than double the European Union’s rate.

The disastrous outcome brought home Switzerland’s lack of leverage in an era of global instability and the misguidedness of trusting conventions when dealing with Trump. It leaves Swiss executives trying to figure out how to compete in the world’s biggest market and voters wrestling with the future of the country’s go-it-alone strategy.

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 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.

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.