President Trump on Monday signed an executive order extending the tariff truce between the US and China for another 90 days, reports said, pushing trade negotiations out to the fall.

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

The New York Times reported that Nvidia CEO Jensen Huang agreed to the arrangement, which is "essentially making the federal government a partner in Nvidia’s business in China," at a meeting with Trump last week.

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

Elsewhere on Monday, Trump said imports of gold (GC=F) to the US would not face a tariff.

"Gold will not be Tariffed!" Trump wrote on social media.

Gold futures were little changed after Trump's post. Prices for the metal slid on Monday.

The White House had said last week that the administration would issue a new policy clarifying whether gold bars would be subject to duties after a US government agency said they would, prompting chaos and confusion in the market.

Meanwhile, Trump's latest sweeping "reciprocal" tariffs hit dozens of 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.

President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties.

\\"A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!\\" Trump wrote on Truth Social on Monday afternoon.

A Statement from Donald J. Trump, President of the United States of America:

Gold will not be Tariffed!

— Unofficial Trump on X (@trump_repost) August 11, 2025

On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration.

Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs.

Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs.

Bloomberg News:

Last week’s country-specific levies varying from 10% to 50% landed with a one-two punch: additional red tape issued by Customs and Border Protection, and a need to increase customs bonds — guarantees that companies must buy from surety providers to ensure the government receives its tariff revenue, other taxes and any potential penalties.

Big firms often have in-house resources to handle such administrative changes and costs, but compliance and forecasting in the new tariff regime are “where the smaller companies are really struggling,” said Erin Williamson, vice president of US customs brokerage at Levallois-Perret, France-based Geodis, a leading global logistics firm.

“They may not have that internal compliance group or the infrastructure to really sit back and say, ‘OK, this is going to be the impact to us. How do we pivot?’” Williamson said in an interview Friday.

Read more here.

President Trump said China has been \\"dealing quite nicely\\" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday.

\\"We'll see what happens,\\" he said during a White House press conference, adding, \\"They've been dealing quite nicely.\\"

The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks.

An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year.

The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US.

The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites.

From Reuters:

Economy Minister Guy Parmelin and Health Minister Elizabeth Baume-Schneider will meet with executives from Roche and Novartis, according to two people familiar with the matter, who said other companies may also take part.

Although pharmaceuticals are not included in the 39% U.S. tariffs which came into effect on Swiss imports last week, the industry is concerned by the outcome of the U.S. Section 232 national security investigation into the sector. This could result in tariffs on drug imports eventually reaching 250%.

The results of the review are expected in the next few weeks.

The talks could also be about encouraging pharmaceuticals companies to invest more in the United States, said a person familiar with the matter, to reduce Switzerland's trade surplus with the U.S. and help reduce the 39% tariff, which covers exports including Swiss watches and chocolate.

Read more here.

Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock.

However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well.

Yahoo Finance's Hal Bundrick reports:

Scott Travers, editor in chief of COINage magazine, said that the new tariff didn't appear to apply to consumer gold buyers — however, he added that published guidelines are \\"ambiguous.\\"

He noted that the 39% tariff ruling specifically targets 1-kilogram and 100-ounce gold bars. Costco (COST) sells Swiss-made, 1-ounce gold bullion bars to members via its website.

\\"It doesn't look like there is any tariff on 1-ounce gold bars. And they're the predominant investment vehicle and traded asset in gold globally — 1-ounce gold bars,\\" Travers told Yahoo Finance.

Confusion erupted Friday because gold traders and analysts had understood the bars would be exempt from reciprocal tariffs, including a 39% levy on Swiss goods imposed by President Trump. But when a gold refiner in Switzerland asked about it, CBP clarified that 1-kilogram and 100-ounce gold bars are subject to the levies, Bloomberg reported.

\\"I'm doing research on this and, you know, a lot of it looks ambiguous. And when you have ambiguity, you have speculation,\\" Travers added.

Read more here.

Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut.

Bloomberg News reports:

US companies have so far taken the bulk of the hit from Trump’s tariffs but the burden will increasingly be passed on to consumers as companies hike prices, economists including Jan Hatzius wrote in a note. Consumers in the US have absorbed an estimated 22% of tariff costs through June, but their share will rise to 67% if the latest tariffs follow the pattern of levies in previous years, they wrote.

The net result: faster inflation. The core personal consumer expenditure index, one of the Federal Reserve’s favorite measures of inflation, will hit 3.2% year-on-year in December, according to the Goldman analysts. They said underlying inflation net of tariffs would be 2.4%. The rate was 2.8% in June.

Read more here.

Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing.

Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip.

Bloomberg News reports:

The arrangement reflects US President Donald Trump’s consistent effort to engineer a financial payout for America in return for concessions on trade. His administration has shown a willingness to relax trade conditions like tariffs in return for giant investment in the US — as with Apple Inc.’s pledge to spend $600 billion on domestic manufacturing. But such a narrow, select export tax has little precedent in modern corporate history.

Beijing, which has grown increasingly hostile to the idea of Chinese firms deploying the H20, is unlikely to warm to the idea of a chip tax. Yuyuantantian, a social media account affiliated with state-run China Central Television that regularly signals Beijing’s thinking about trade, on Sunday slammed the chip’s supposed security vulnerabilities and inefficiency.

Read more here.

China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil).

President Trump's statement that he hopes \\"China will quickly quadruple its soybean orders\\" would require China to import the vast majority of its soybeans from the U.S.

\\"It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US,\\" Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters.

Read more here.

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.