U.S. and Japanese stock indexes are at all-time highs as the world adapts to President Trump's trade policy, tariffs bring in billions in revenue while not yet causing renewed inflation, and markets price in a 92% chance that the Fed cut rates by 25 basis points in September.

On Monday, President Trump signed an executive order extending the tariff truce between the US and China for another 90 days, pushing trade negotiations out to the fall. China also announced the extension of the tariff pause on state media.

Last week, Trump's unveiled "reciprocal" tariffs on dozens of US trade partners.

The next negotiations to watch are Canada, Mexico, and China in the coming months.

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.

GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states.

AP News reports:

The investment — the second-largest in the Louisville-based company's history — is expected to add more than 1,000 jobs while ramping up domestic production and modernizing plants in the next five years.

“Our long-term strategy is about manufacturing close to our customers,” said CEO Kevin Nolan. “With lean manufacturing, upskilling our workforce and automation, the math works for manufacturing in the United States.”

In June, the company said it would move production of clothes washers from China to its sprawling manufacturing complex in Louisville. The reshoring announcements come as President Donald Trump tries to lure factories back to the United States by imposing import taxes — tariffs — on foreign goods.

Read more here.

Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal.

When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no.

Bloomberg News reports:

Bessent said “my sense is no because a lot of the buyout or the funds from the buyout are going to go to critical industries that we need to reshore and a lot of those need to be reshored away from China.”

Whether the industry was semiconductors, rare-earth magnets, pharmaceuticals or steel, “my sense is that isn’t what will happen,” Bessent said in an interview with Fox Business on Tuesday in the US.

Bessent’s comments point to the competition between the US and China over a range of issues, with tech and AI among the most high profile. President Donald Trump has extended a pause of higher tariffs on Chinese goods for another 90 days into early November, a move that stabilized trade ties between the world’s two largest economies while they try to forge an agreement.

Read more here.

Yahoo Finance's Brett LoGiurato and Ben Werschkul report:

President Trump's tariffs poured billions into US coffers in July as he continued to reshape the US trade landscape, putting the revenue supplied by importers at another monthly record.

New data from the Treasury Department released Tuesday afternoon confirmed that June marked another record month on the revenue front, with some $27.7 billion in customs duties coming into US coffers.

This was another step up from June's total of $26.6 billion and May's total of $22.2 billion. It represents a significant jump from around $8 billion in customs duties one year ago and brings the total for the fiscal year to around $135.7 billion. The government's fiscal year ends Sept. 30.

Read more here.

Leaders of the BRICS nations seem to be in talks. Brazilian President Lula spoke with China's leader Xi after meeting with India and Russia. This outreach comes after President Trump pulled Brazil into his trade war. During the call, China's Xi urged for coordinated efforts against US protectionism.

Bloomberg News reports:

During the phone conversation on Tuesday morning in Beijing, Xi called for coordinated efforts against unilateralism and protectionism — language usually used by China to criticize US trade policy. He said China supports the Brazilian people in safeguarding their country’s legitimate rights, describing ties between the two nations as being “at their best in history,” according to Chinese state broadcaster CCTV.

China is willing to work with Brazil to strengthen coordination and set an example of “unity and self-reliance among Global South nations,” CCTV cited Xi as saying.

The call caps an effort by Lula to build solidarity across the BRICS club of major emerging nations, of which Brazil is a founding member along with Russia, China and India. Lula spoke with Russian President Vladimir Putin and Indian Prime Minister Narendra Modi over the past few days, as Brazil came under pressure from the US.

Brazil has become a target of Trump’s trade war after he imposed higher tariffs in an effort to end the trial of former President Jair Bolsonaro on charges that he attempted a coup. Lula’s government has responded by seeking to expand trade with other partners, especially with China, India and Southeast Asia.

Read more here.

Soybean (ZS=F) prices fell back below $10 a bushel on Tuesday, after news of the US-China trade truce extension. Traders saw this truce as likely delaying major grain-purchasing deals between the two nations until later this year.

Bloomberg News reports:

Contracts for a November delivery had dropped about 1% as of 11:45 a.m. Singapore time, a turnaround from Monday’s 2.4% rise that came in response to US President Donald Trump’s call for China to “quadruple” its purchases of the major oilseed.

The US leader later announced the truce with Beijing would be extended for another 90 days, with trade restrictions now due to come into effect in early November if both governments can’t reach a deal.

Read more here.

BRUSSELS (Reuters) - The European Union could not say when a joint statement on tariffs with the United States would be ready, nor when the White House would issue an executive order on European car import duties, a spokesperson said on Tuesday.

The EU and U.S. reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said a joint statement would follow the deal \\"very soon\\" along with executive orders from U.S. President Donald Trump on key carve-outs.

\\"It is an agreement that we believe is strong and the best we could have ... Of course, we expect the U.S. to take further steps that are part of this agreement but I don't believe at this stage we can put a timeline on these engagements,\\" the European Commission spokesperson said.

Read more here.

Zhou Mi, an expert at the Ministry of Commerce-backed Chinese Academy of International Trade and Economic Cooperation, told Bloomberg that there remains a \\"climate of uncertainty\\" despite the latest 90-day pause on additional tariffs enacted by the US on Monday.

The Trump administration “frequently sends out a range of signals, often through its negotiation tactics and public statements — some of which even contradict each other,” Zhou told Bloomberg.

“This creates a climate of uncertainty that makes businesses and markets increasingly concerned about the stability and outlook for economic and trade policies between China and the US, as well as the US and other countries.\\"

Average US tariffs on good imported from China currently sit at 55%.

Read more here.

Not everyone is fully satisfied with President Donald Trump's social media statement on not putting tariffs on gold after uncertainty in the bullion market in recent days.

\\"President Trump's statement is an encouraging signal for trade stability,\\" Christoph Wild, president of the the the Swiss precious metals association ASFCMP, stated on Tuesday. \\"However, only a formal and binding decision will provide the certainty the gold sector and its partners require.\\"

Read more here.

China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales.

This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend 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.

In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies.

Bloomberg News reports:

In addition to Nvidia, Beijing’s overall push affects AI accelerators from Advanced Micro Devices Inc., one of the people said, though it’s unclear whether any letters specifically mentioned AMD’s MI308 chip. Both companies recently secured Washington’s approval to resume lower-end AI chip sales to China, on the controversial and legally questionable condition that they give the US government a 15% cut of the related revenue. Now, Nvidia and AMD face the challenge that their Chinese customers are under Beijing’s pressure not to make those purchases.

Some of Beijing’s letters to companies included a series of questions, according to one of the people, such as why they buy Nvidia H20 chips over local alternatives, whether that’s a necessary choice given domestic options, and whether they’ve found any security issues in the Nvidia hardware. The notices coincide with state media reports that cast doubt on the security and reliability of H20 processors. Chinese regulators have raised those concerns directly with Nvidia, which has repeatedly denied that its chips contain such vulnerabilities.

Read more here.

The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.

Bloomberg News reports:

The blue-chip gauge climbed as much as 2.8% before closing 2.2% higher at 42,718.17, joining the Topix in surpassing July 2024 peaks. Chip-related names jumped after Micron Technology Inc. (MU) raised its sales outlook, while memory maker Kioxia Holdings Corp. (KI5.F) posted strong results.

Japanese equity markets, which resumed trade after Monday’s holiday closing, also gained on speculation the government will expand fiscal stimulus after the ruling party’s poor upper house election result last month.

Read more here.

Yahoo Finance's Ben Werschkul reports:

President Trump on Monday signed an executive order implementing another 90-day pause on additional tariffs on China that were set to take effect on Tuesday, reports said. The move again pushes off a deadline for imposing the harshest taxes on Chinese imports as the two sides continue negotiations on a deal.

Reports from CNBC, The Wall Street Journal, and The Washington Post all said the president had signed the order, which will push the deadline for these tariffs back to Nov. 9.

The White House didn't immediately respond to a request for comment.

The extension appears to mean that headline rates agreed to in May of 30% on Chinese imports and 10% on American goods will continue for the immediate future and avoid a snap-back to previous triple-digit levels. Sector-specific tariffs on goods like steel and some medical supplies will keep the effective tariff rate between the two countries higher.

Read more here.

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.