LIVE
Updated Today at 4:32 PM UTC
Tariffs live updates: Trump says US will set new tariff rates for trading partners soon
Yahoo Finance
Updated 2 min read
President Trump said Friday that the US will set tariff rates for its trading partners within the next few weeks. He said his administration cannot negotiate trade deals with all countries at once due to limited capacity.
“I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” the president said during a meeting with business executives in the United Arab Emirates.
Trump said Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick “will be sending letters out essentially telling people” what “they’ll be paying to do business in the United States.”
The US-China trade detente has moved to a side burner as investors study a tariff regime that looks more likely to hold, while also assessing prospects for deals. The US and China paused most tariffs for 90 days and sent markets into euphoria on Monday, after last week's announced trade deal with the UK.
China’s state-backed Global Times said Friday the 90-day US tariff truce is too short and should be extended. Analysts say China seeks flexibility, as tariffs may return after the truce.
Talks continue in South Korea, but Trump's tariffs are likely to stay high beyond the 90-day pause, Bloomberg reported.
On Thursday, Trump said India may may drop tariffs on US goods in a future trade deal. He also said Apple (AAPL) should boost US production after urging CEO Tim Cook not to expand in India.
In more corporate fallout, Walmart (WMT) on Thursday warned that rising costs from tariffs soon lead to higher prices for shoppers. The company was the latest to skip giving second-quarter profit guidance due to Trump's tariffs disrupting global trade.
Meanwhile, Trump's Middle East visit has opened the door for Saudi Arabia and the UAE to push ahead with their AI ambitions, with firms like Nvidia (NVDA) and Advanced Micro Devices (AMD) set to supply advanced chips.
Here are the latest updates as the policy reverberates around the world.
LIVE 908 updates
Grace O'Donnell
Consumer sentiment hits second-lowest reading on record
Yahoo Finance's Josh Schafer reports:
Read more here.
Jenny McCall
South Korea minister asks for exemption from US tariffs at Greer meeting
Reuters reports:
Read more here.
Jenny McCall
Trump says US will set tariff rates for other nations in weeks
President Donald Trump said on Friday that he'll decide on tariff rates for US trading partners in the next few weeks.
He said the US can't handle tariff talks with everyone all at once.
Bloomberg News reports:
Read more here.
Jenny McCall
Japan to hold out for better trade deal with US
Japan is pushing for full removal of Trump’s 25% car tariffs, signaling it won't settle for a partial deal. Tokyo aims to avoid domestic backlash by holding out for better terms.
The FT reports:
Read more here.
Jenny McCall
‘Export rush’ grips China as businesses scramble to make the most of tariff pause
CNN reports:
Read more here.
Jenny McCall
Walmart's tariff warning spells trouble for US retailers
Walmart's (WMT) latest tariff warning signals price hikes ahead - and retailers like Best Buy and Mattel could feel the pinch. Yahoo Finance's senior reporter Brooke DiPalma reports:
Read more here.
Jenny McCall
Trump administration considers adding Chinese chipmakers to export blacklist
The FT reports:
The Trump administration plans to put a number of Chinese chipmaking companies on an export blacklist, but some officials want to delay the move to avoid hurting efforts to strike a long-term trade agreement with China.
The commerce department has compiled a list of Chinese companies — including memory chipmaker ChangXin Memory (CXMT) — to add to the “entity list,” according to five people familiar with the matter.
Several of the people said the Bureau of Industry and Security, the commerce department arm that oversees export controls, had drafted a list that also includes the subsidiaries of Semiconductor Manufacturing International Corp, China’s biggest chipmaker, and Yangtze Memory Technologies Co, its largest memory chipmaker. SMIC and YMTC are already on the list.
Read more here.
Jenny McCall
China-US 90-day tariff truce should be extended, state-run media says
China's state-run media Global Times said the 90-day tariff pause agreed by the US and China is too short. The deal was made by trade talks in Switzerland last weekend. Now both sides are continuing discussions in Korea.
Reuters reports:
Read more here.
Rian Howlett
US-China tariffs expected to remain at 30% post-truce, analysts say
Donald Trump's wide-ranging tariffs on Chinese imports are expected to remain at 30%, down from the 145% previously touted, after the current 90-day hold while a trade deal is reached.
Bloomberg reports:
Read more here.
Grace O'Donnell
4 in 5 Canadians believe old US relationship is 'over,' poll says
Bloomberg reports:
Read more here.
Grace O'Donnell
Birkenstock hikes price of sandals to help offset tariffs
Starting in July, Birkenstock (BIRK) will begin raising prices for its sandals and clogs by low single digits in order to pass along tariff costs, according to Reuters.
The 251-year-old company makes its shoes in Germany, which currently faces a 10% tariff rate for items coming into the US. If the US and European Union haven't struck a new trade agreement before a 90-day tariff pause is up, that rate will shoot up to 20% on July 9.
"We will be fully offsetting the effects from current existing tariffs," Birkenstock CFO Ivica Krolo told Reuters in an interview. "We're not raising in one region only, we see it as a global exercise."
Read more here.
Grace O'Donnell
Retail sales slow sharply in April as pre-tariff spending burst reverses
Yahoo Finance's Josh Schafer reports:
Read more here.
Grace O'Donnell
EU readies new trade proposal for US as tariff talks move slowly
Bloomberg News reports:
Read more here.
Jenny McCall
US-China trade clash risks making Europe dumping ground for cheap goods
Bloomberg News reports:
Read more here.
Jenny McCall
Deere lowers bottom of outlook range on tariff uncertainty
Bloomberg News reports:
Read more here.
Grace O'Donnell
How Trump's tariffs are squeezing small businesses
In a Yahoo Finance survey of over 100 business owners, two-thirds said their business has been negatively impacted by President Trump's tariffs.
Senior Columnist Rick Newman reports on how small businesses are faring in this new business environment:
Read more here.
Grace O'Donnell
Walmart says it will hike prices due to tariffs
Walmart (WMT) shares rose about 2% premarket after the company reported mixed earnings and said it would hike prices to navigate President Trump's tariffs.
America's largest retailer has been seen as well-positioned to weather tariffs, as around 60% of its sales are in groceries, Yahoo Finance's Brooke DiPalma reported. Its size also means it has leverage to negotiate with suppliers to keep prices low.
However, Walmart announced it would raise some of its prices due to tariffs.
"We will do our best to keep our prices as low as possible," Walmart CEO Doug McMillon said in the release. "But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins."
Walmart is a bellwether in retail, and its price hikes and cautious guidance may serve as an indicator for the rest of retail, with Target (TGT), Home Depot (HD), and Lowe's (LOW) reporting earnings next week.
Jenny McCall
Trump’s tariffs are changing the way Americans spend
Still battle-scarred by the pandemic and rising inflation, American consumers are shifting spending and delaying purchases amid Trump's tariff chaos and economic uncertainty, a new survey shows.
CNN reports:
Read more here.
Jenny McCall
Cambodia holds trade talks with US as 49% tariff weighs on outlook
Cambodia has started trade talks with the US in Washington, hoping to lower high tariffs set by the Trump administration.
Reuters reports:
Read more here.
Jenny McCall
EU ready to take slow road in US trade talks in pursuit of bigger deal
Reuters reports:
Read more here.
Terms and Privacy Policy Your Privacy Choices More Info
