5 months ago
Updated Wed, Aug 6, 2025, 8:22 AM 2 min read
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China is pushing back against the US on chips despite a temporary trade and tariff truce, according to a Bloomberg report on Wednesday.
Beijing summoned Nvidia (NVDA) staff last week over alleged security risks in its H20 chips, using the move to push back against Washington's plans to track semiconductors. This latest development in trade between the two countries is seen as a warning that China won't accept US dominance in the chip sector.
Meanwhile, Canadian Prime Minister Mark Carney said he will look at ways to lift some counter-tariffs on the US despite his campaign to resist Trump's trade war.
President Trump on Tuesday said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so," as he prepares to add more sectoral duties to his mix of tariffs. He said those duties could eventually balloon as high as 250%.
Meanwhile, the world awaits Trump’s new tariffs, with India hitting back over threats to raise levies on its exports, calling the move unjustified and accusing the US of double standards on Russia.
Trump has signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.
You can see the new rates Trump is set to levy in the graphic below:
In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:
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Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.
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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 said.
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Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.
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The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
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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 that benefit Embraer (ERJ).
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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.
LIVE 1621 updates
Carney says he’ll look at opportunities to remove tariffs on US
Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war.
Bloomberg News reports:
Read more here.
Trump says Japan to import Ford’s huge F-150 pickup trucks
President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month.
Bloomberg News reports:
Read more here.
US investments under trade deal will be determined by benefits for Tokyo: Japan
Honda Q1 operating profit halves on tariffs
Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast.
Reuters reports:
Read more here.
China draws red lines on US chip tracking with Nvidia meeting
China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors.
Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector.
Bloomberg News reports:
Read more here.
Trump says he’s readying more tariffs on Russian energy buyers
Tue, August 5, 2025 at 6:29 PM UTC
Canada to help lumber industry cope with US tariffs: Carney
Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs.
Reuters reports:
Read more here.
Tue, August 5, 2025 at 4:47 PM UTC
Starbucks under pressure again as Brazilian tariffs hike coffee costs
Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Tue, August 5, 2025 at 4:00 PM UTC
EU continues to press for tariff exemption on wine, spirits as part of US deal
The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month.
The WSJ reports:
Read more here.
Tue, August 5, 2025 at 3:28 PM UTC
Countries push for last-minute deals as Thursday tariff deadline looms
Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy.
Yahoo Finance's Ben Werschkul reports:
Read more here.
Tue, August 5, 2025 at 3:00 PM UTC
Trump’s copper tariffs apply to $15B of products so far
President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers.
Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs.
Bloomberg News reports:
Read more here.
Tue, August 5, 2025 at 2:02 PM UTC
Trump threatens EU with increased tariffs if it doesn't meet investment pledge
President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US.
"A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview.
"And that’s a gift, that’s not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests.
Tue, August 5, 2025 at 1:22 PM UTC
Trump says pharma duties could go to 250%
President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so."
"We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it’s going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview.
He said semiconductor and chip tariffs would be in a "different category."
Tue, August 5, 2025 at 10:43 AM UTC
US tariff on EU goods set at flat 15%
The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts.
The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines.
The EU said it still expects turbulence in its trade dealings with the US.
Reuters reports:
Read more here.
Tue, August 5, 2025 at 10:39 AM UTC
India hits back at Trump's tariff threat
India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests.
Bloomberg News reports:
Read more here.
Tue, August 5, 2025 at 10:36 AM UTC
Nvidia partner Hon Hai’s July sales growth weakened by tariffs
Nvidia's (NVDA) main server assembly partner Hon Hai Precision (2317.TW) reported a sales slowdown for July due to US tariffs.
Bloomberg News reports:
Read more here.
Tue, August 5, 2025 at 10:35 AM UTC
Mazda forecasts nearly $1B profit hit from US tariffs
Tue, August 5, 2025 at 10:32 AM UTC
Diageo warns of $200M tariff hit
Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit.
Reuters reports:
Read more here.
Tue, August 5, 2025 at 10:27 AM UTC
Trump administration posts guidance on tariff rollout
Mon, August 4, 2025 at 7:00 PM UTC
Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports
Yahoo Finance's Pras Subramanian reports:
Read more here.
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