New tariffs imposed by President Donald Trump officially took effect Thursday, with the president declaring just minutes before the deadline that billions of dollars are now "flowing" into the U.S. economy.
The move doubles down on his trade war, introducing new rates between 10 and 41 percent on imported goods from more than 90 countries — many of which are scrambling to negotiate better terms.
Trump exclaimed in block capitals: “It’s midnight!!! Billions of dollars in tariffs are now flowing into the United States of America.”
Commerce Secretary Howard Lutnick predicted $50 billion in monthly revenue from the new import taxes, but JPMorgan warned that 60% of the increased costs are expected to be passed on to American consumers as higher prices.
The increase in import taxes on dozens of countries comes as the economic impact of his months-long tariff threats begins to visibly harm the U.S. economy. Americans are expected to pay an average of 18.3 percent more for imported goods – the highest rate since 1934, according to the Budget Lab at Yale.
The White House remained confident that businesses would increase investments, rebalancing the U.S. economy as a manufacturing powerhouse.
What you need to know so far today...
- Trump declares billions of dollars 'flowing' into the U.S. as tariffs take effect
- Trump tariffs: Full list of countries hit by US president’s new trade war levies
- Trump plans 100% tariff on imported chips raising specter of higher priced electronics and appliances
- Bank predicts American shoppers will bear most of tariff costs
- Trump nominates Stephen Miran to serve as a temporary Federal Reserve governor
- Lutnick expects US to collect $50B per month in tariff revenues
End of live coverage
04:15 , Rhian LubinOur live coverage has now ended.
Read on for a full breakdown of what President Donald Trump’s tariffs mean for the cost of everyday items.
Good morning
Thursday 7 August 2025 14:58 , Oliver O'ConnellPresident Donald Trump’s long-awaited tariffs on goods imported into the U.S. are now officially and fully in effect, more than four months after his “Liberation Day” announcement on April 2.
Rates ranging from 10% to 50% on dozens of trading partners took effect on Thursday, testing his strategy for reducing U.S. trade deficits without causing major disruptions to global supply chains, higher inflation, or stiff retaliation from trading partners.
U.S. Customs and Border Protection started collecting the higher tariffs at 12:01 a.m. ET after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners to try to lower them.
Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can qualify for lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April.
Since then, Trump has frequently adjusted his tariff plan, increasing rates for some countries to much higher levels, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada, and 25% from India. On Wednesday, he announced a separate 25% tariff on Indian goods to be enforced in 21 days, related to the South Asian country's purchases of Russian oil.
Ahead of the deadline, Trump praised the "billions of dollars" that will flow into the U.S., mostly from countries he said had taken advantage of the United States.
Trump plans 100% tariff on imported computer chips raising specter of higher priced electronics and appliances
Thursday 7 August 2025 15:01 , Oliver O'ConnellPresident Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age.
“We’ll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said in the Oval Office while meeting with Apple CEO Tim Cook. "But if you’re building in the United States of America, there’s no charge."
The announcement came more than three months after Trump temporarily exempted most electronics from his administration's most onerous tariffs.
Read on...
Trump plans 100% tariff on computer chips, unless companies build in U.S.
Are India and China being pushed closer together by Trump's tariffs?
Thursday 7 August 2025 15:07 , Oliver O'ConnellAlthough India has been one of Washington’s key strategic partners in countering China’s dominance in the Asia-Pacific region, experts warn that the latest wave of U.S. tariffs could prompt Delhi and Beijing to seek closer ties, as Alisha Rahaman Sarkar reports.
Are Trump’s tariffs pushing rivals India and China closer together?
Switzerland wants further talks with US over crippling tariffs
Thursday 7 August 2025 15:13 , Oliver O'ConnellSwitzerland has vowed to continue negotiations with the United States after the implementation of a 39 percent import levy on Swiss goods, a measure that threatens to severely impact the nation's export-driven economy.
The substantial tariff, among the highest imposed under Donald Trump's global trade reset, took effect at midnight Washington time, following an unsuccessful eleventh-hour attempt by Swiss officials to secure a more favorable agreement. This levy is poised to significantly restrict the small alpine nation's access to the US market, a crucial destination for high-value exports such as watches from Swatch, Rolex, and Patek Philippe, alongside premium cheeses and chocolates. While the US is also the largest market for Swiss pharmaceuticals, valued at $35 billion last year from companies like Roche and Novartis, these exports are not currently subject to the 39 percent rate.
“For the affected sectors, companies, and their employees, this is an extraordinarily difficult situation,” stated Swiss President Karin Keller-Sutter to reporters after an urgent meeting of the seven-member Federal Council, Switzerland's governing cabinet.
Keller-Sutter's recent trip to Washington concluded without a deal, during which she reportedly did not meet with Trump or any of his senior trade representatives. Her proposal for a 10 percent tariff rate was rejected by U.S. officials.
Despite the setback, Swiss lawmaker Damien Cottier, chairman of the Swiss-U.S. parliamentary association, expressed optimism. “We have seen in other cases that President Trump's positions can evolve,” he said. “We must continue to negotiate and argue our case, which is a good one.”
With reporting from Reuters
New tariffs escalate Trump's trade war
Thursday 7 August 2025 15:16 , Oliver O'ConnellSome of the tariffs are being used to penalise nations Trump has taken issue with over matters unrelated to trade. Trump slapped Brazil, for example, with a 50 per cent import tax largely because he is unhappy with its treatment of former Brazilian President Jair Bolsonaro.
Jabed Ahmed reports.
Trump’s new tariffs now in force against scores of countries as trade war escalates
Trump calls for resignation of Intel CEO
Thursday 7 August 2025 15:18 , Oliver O'ConnellPresident Donald Trump has called for the immediate resignation of Intel’s new chief executive, Lip-Bu Tan, labelling him “highly conflicted” due to his alleged ties to Chinese firms. The demand raises significant questions about the future direction of the struggling American chip giant.
Writing on Truth Social on Thursday morning, Trump stated: “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”
The controversy follows an exclusive Reuters report in April, which revealed that Tan, either personally or through venture funds he founded or operates, had invested at least $200 million (£158 million) in hundreds of Chinese advanced manufacturing and chip companies. Some of these firms are reportedly linked to the Chinese military.
Trump’s comments came a day after Reuters first reported that Republican Senator Tom Cotton had written to Intel’s board chair, seeking answers regarding Tan’s connections to Chinese entities and a recent criminal case involving his former firm, Cadence Design.
The outspoken demand from Trump, reiterating “There is no other solution to this problem,” sent shares of Intel down by approximately 2 percent in early trading on Wall Street.
A change in leadership at Intel could intensify pressure on the company, which is a cornerstone of US efforts to bolster domestic chipmaking. Last year, Intel secured $8 billion (£6.3 billion) in subsidies, the largest allocation under the 2022 CHIPS and Science Act, to establish new fabrication plants in Ohio and other states.
With reporting from Reuters
India slams Trump over 'unfair' tariffs
Thursday 7 August 2025 15:27 , Oliver O'ConnellIndia has called Donald Trump's hefty tariffs "unfair" after the US president slapped an additional 25 percent duty on New Delhi as punishment for importing Russian oil.
The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50 percent. However, three weeks would allow India and Russia the opportunity to negotiate with the US administration on the import taxes.
Experts say this marks a low point in US-India relations, which could harm the gains the two sides have worked hard to build over the past few years.
Alisha Rahaman Sarkar reports.
How is Wall Street faring as Trump's tariffs go into effect?
Thursday 7 August 2025 15:38 , Oliver O'ConnellWall Street saw early gains on Wednesday, initially buoyed by hopes that major technology firms might avoid President Donald Trump’s latest tariffs on chip imports, though this optimism soon gave way to a more mixed market sentiment.
Apple’s shares rose 2.4 per cent, building on a 5.1 per cent increase from the previous session, after Trump announced the iPhone maker would invest an additional $100 billion in the US, bringing its total commitment to $600 billion over the next four years. The president also unveiled a near 100 percent tariff on semiconductor imports, but stated it would not apply to companies manufacturing in the U.S. or those committed to doing so.
However, these early gains were soon tempered by a shift in market sentiment. By 10:31 a.m. ET, the Dow Jones Industrial Average was down 137 points, or 0.34 percent, at 44,045, while the S&P 500 gained 7.94 points, or 0.13 percent, to 6,353, and the Nasdaq Composite rose 138 points, or 0.65 percent, to 21,300.
Broader tariffs, ranging from 10 to 50 percent, imposed by Trump on dozens of trading partners, came into effect on Thursday.
New signs of a weakening labour market, particularly following a disappointing July payrolls report, have fuelled speculation that the Federal Reserve could soon begin a rate-cutting cycle. Underscoring these jitters, new data revealed jobless claims reached 226,000 for the week of August 2, exceeding economists' forecasts of 221,000. Traders are now almost fully anticipating a September rate cut.
Investors are also closely watching for Trump’s interim replacement for Federal Reserve Governor Adriana Kugler in the coming days, amid expectations that the nominee will be a policy dove likely to favour lowering interest rates.
Kugler’s resignation creates a vacancy on the seven-member Fed Board led by Chair Jerome Powell, whom Trump has repeatedly criticised for not cutting borrowing costs. Powell’s tenure is set to conclude in May.
Trump tariffs: Full list of countries hit by new trade war import taxes
Thursday 7 August 2025 15:47 , Oliver O'ConnellPresident Donald Trump’ssweeping new tariffs for dozens of countries have come into force as he continues to escalate his global trade war.
Alexander Butler looks at which countries were affected by which rate.
Trump tariffs: Full list of countries hit by US president’s new trade war levies
Trump demands new census using ‘2024 election information’ and to weed out migrants in population totals
Thursday 7 August 2025 15:59 , Oliver O'ConnellPresident Donald Trump ordered the Commerce Department to re-run the count of the U.S. population that took place five years ago, while excluding any migrants in the U.S. from the total.
Writing Thursday on Truth Social, Trump said he’d asked the department, which oversees the U.S. Census Bureau, to “immediately” start what he called “a new and highly accurate CENSUS based on modern day facts and figures,” making use of “the results and information gained from the Presidential Election of 2024.”
Andrew Feinberg reports from Washington, D.C.
'President Trump wants to hurt the American people, and that's exactly what he's doing'
Thursday 7 August 2025 16:08 , Oliver O'ConnellCommenting on the 35 percent tariff on imported Canadian goods paid for by American buyers, Ontario Premier Doug Ford tells Wolf Blitzer on CNN: “President Trump wants to hurt the American people, and that's exactly what he's doing.”
In 2024, $413 billion of Canadian goods were shipped to the U.S.
Ontario Premier Doug Ford: "President Trump wants to hurt the American people, and that's exactly what he's doing." pic.twitter.com/e8JYtNBLwp
— Aaron Rupar (@atrupar) August 7, 2025
Trump's tariffs: Confusion over transshipment rules
Thursday 7 August 2025 16:15 , Oliver O'ConnellConcerns about the immediate enforcement of stricter U.S. trade penalties on goods rerouted through third countries have eased, according to three individuals in Southeast Asia familiar with the matter, who spoke to Reuters.
Southeast Asian nations, including Vietnam and Thailand, have been specifically singled out by White House officials for their alleged role in facilitating the transshipment of Chinese goods to the U.S. Without such rerouting, these goods would face substantially higher tariffs if shipped directly from China.
The Trump administration started imposing tariffs on goods from dozens of countries on Thursday. An executive order stated that products identified as having been illegally rerouted to conceal their origin would face an additional 40 percent duty. However, the order did not specify what exactly constitutes transshipment.
Currently, U.S. imports from Southeast Asia’s largest economies, which heavily depend on exports, are subject to tariff rates of around 19 percent. This is a significant reduction from previously threatened rates.
Existing U.S. customs guidelines specify that goods from countries without free trade agreements with the U.S., such as those in Southeast Asia, can be labeled as originating from the country where they undergo a “substantial transformation” of components, even if those parts are entirely sourced from another country like China.
With no new U.S. guidance on rules of origin or a clear definition of transshipment, some officials in Southeast Asia have advised exporters that current rules still apply. This effectively limits transshipment cases to illegal activities, such as using forged export certificates or unlawfully obtained documents.
Trade consultants have described the rules as vague, advising clients, even before the latest wave of U.S. tariffs, to ensure at least 40 percent local content in their exports to the U.S. “to be on the safe side,” one consultant noted.
Lutnick expects U.S. to collect $50B per month in tariff revenues
Thursday 7 August 2025 16:35 , Oliver O'ConnellCommerce Secretary Howard Lutnick said on Thursday he expects the country to collect $50 billion a month in tariff revenues or more — up from $30 billion last month — as higher levies on imports from dozens of countries take effect.
“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.
President Donald Trump's higher tariffs on imports from dozens of countries took effect on Thursday, raising the average U.S. import duty to its highest in a century, with countries facing tariffs of 10% to 50%.
Much of the cost of the new taxes on imports is expected to be passed on to American consumers.
Watch: Treasury Secretary quizzed on who pays tariffs
Thursday 7 August 2025 16:45 , Oliver O'ConnellSpoiler: It’s the U.S. importer who pays a tax on what they buy from overseas, not the foreign exporter.
"So the tariff is paid in this country by the importer, is that right?" -- Eugene Robinson guides Scott Bessent into acknowledging that tariffs are in fact paid in the United States, not by foreign governments pic.twitter.com/uB3QqAsmpe
— Aaron Rupar (@atrupar) August 7, 2025
What is the Trump administration hoping to achieve with its sweeping tariffs?
Thursday 7 August 2025 17:00 , Oliver O'ConnellPresident Donald Trump's top trade negotiator, Jamieson Greer, said the U.S. was working to reverse decades of policies that had weakened U.S. manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances.
“The rules of international trade cannot be a suicide pact,” he wrote in a column published by The New York Times.
“By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership,” Greer said.
Eight major trading partners, accounting for approximately 40% of U.S. trade flows, have reached framework deals for trade and investment concessions with Trump, including the European Union, Japan, and South Korea, which will reduce their base tariff rates to 15%.
Britain won a 10% rate, while Vietnam, Indonesia, Pakistan, and the Philippines secured rate reductions to 19% or 20%.
Gov. Kathy Hochul lays out what new Trump tariffs will cost New Yorkers
Thursday 7 August 2025 17:15 , Oliver O'Connell💰On Trump’s 8/7 tariff deadline, @GovKathyHochul is out with new numbers, detailing expected cost increases across the state.
— Emma Wallner (@EmmaGWallner) August 7, 2025
TLDR: Trump’s trade war is set to crush New Yorkers’ wallets pic.twitter.com/riLKtEEarw
Bank predicts American shoppers will bear most of tariff costs
Thursday 7 August 2025 17:20 , Oliver O'ConnellMeera Pandit, J.P. Morgan Asset Management global markets strategist, joined CNBC’s Squawk on the Street to discuss how she expects President Donald Trump’s tariffs could impact profitability, consumer behavior, and more.
Meera Pandit of JPMorgan warns that "We’re expecting around 60% of cost of tariffs will get passed on consumer." https://t.co/jTEWG1zy1A
— Eric Michael Garcia (@EricMGarcia) August 7, 2025
She said the bank expects around 60 percent of the costs of tariffs to be passed on to American consumers, while companies retain 40 percent.
Pandit noted that tax cuts could provide a tailwind for consumer and corporate profitability in the coming year. However, she expressed concern about the potential inflationary effects of these policies, influenced by the Federal Reserve's reaction to the weakening job market and rising goods costs.
Despite a possible shift in inflation trends towards services, growth and inflation are expected to remain linked, potentially keeping inflation elevated in the first half of the next year.
Countries rush to make deals to avoid new Trump tariffs as world economy braces for impact
Thursday 7 August 2025 17:40 , Oliver O'ConnellHow are countries reacting to high tariffs imposed by President Donald Trump?
“There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way,” said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington.
Countries with punishingly high duties, such as India and Canada, “will continue to scramble around trying to fix this,” he added.
Switzerland's President Karin Keller-Sutter stated on Thursday that talks with the U.S. would continue after she returned empty-handed from an 11th-hour trip to Washington aimed at preventing the crippling U.S. import tariff on Swiss goods.
A last-minute effort by South Africa to improve its offer in exchange for a lower tariff rate also failed. The trade negotiating teams of both countries will have more discussions, according to South African President Cyril Ramaphosa's office.
Vietnam announced on Thursday that it would continue talks with the U.S. as it seeks to lower tariffs further, following negotiations that resulted in a reduction from 46% to 20%, down from the duty Trump imposed on imports from the Southeast Asian country in April.
Meanwhile, Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday that he would not humiliate himself by seeking a phone call with Trump, even as he said his government would continue cabinet-level talks to lower a 50% tariff rate.
Indian Prime Minister Narendra Modi also expressed defiance, saying he would not compromise the interests of the country's farmers.
There were signs that some nations were joining forces to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs.
India announced on Wednesday that Modi would visit China for the first time in seven years.
ICYMI: Big Pharma admits it is discussing Trump’s plan to lower drug prices
Thursday 7 August 2025 17:50 , Oliver O'ConnellPfizer CEO Albert Bourla says that his company and other large pharmaceutical firms are considering collaborating with the Trump administration to make more of their medicines available at lower costs to consumers.
In a conference call with investors on Tuesday to discuss second-quarter earnings, Bourla said, “We have serious discussions in the industry,” according to BioPharma Dive.
Big Pharma admits it is discussing Trump’s plan to lower drug prices
Russia and India talk up 'strategic partnership' after Trump tariff hike
Thursday 7 August 2025 18:03 , Oliver O'ConnellRussia and India have reaffirmed their commitment to a “strategic partnership” during bilateral security talks in Moscow, a day after President Donald Trump announced higher tariffs on Indian imports. The move by Washington was in response to India's purchases of Russian oil.
On Thursday, India's national security adviser, Ajit Doval, met with Sergei Shoigu, secretary of Russia's Security Council. Both officials emphasised the importance of their countries' relations.
Doval later met President Vladimir Putin at the Kremlin, with official footage showing the two men shaking hands. Shoigu, Kremlin foreign policy adviser Yuri Ushakov, and India's Ambassador to Russia, Vinay Kumar, also attended the meeting. Interfax news agency quoted Doval as saying that New Delhi “was looking forward to a visit from President Vladimir Putin by the end of the year.”
The Kremlin did not disclose what they discussed.
With reporting from Reuters
Americans will see an average tax of 18.6% for imported goods, Yale’s Budget Lab says
Thursday 7 August 2025 18:18 , Oliver O'ConnellAmerican consumers are now facing the highest tax on imported goods since 1933, with an average levy of 18.6 percent taking effect under President Donald Trump’s tariff policies. This significant increase has been highlighted by the Budget Lab at Yale, a non-partisan policy research centre.
The Budget Lab estimates that the trade war initiated by the U.S. this year will result in short-term price increases of 1.8 percent. This is equivalent to an estimated loss of $2,400 in income for the average American household, according to the group’s findings.
The analysis is based on the effects of all U.S. tariffs and foreign retaliation implemented in 2025 and through Wednesday, including a 50 per cent tariff rate on India.
The Budget Lab’s projections assume that the Federal Reserve will not react to these tariffs, meaning the real income adjustment will primarily occur through increased prices rather than changes in nominal incomes. If the Federal Reserve were to intervene, the group noted, the adjustment could instead manifest as lower nominal incomes.
With reporting from the AP
Trump's planned 100% computer chip tariff sparks confusion
Thursday 7 August 2025 18:20 , Oliver O'ConnellPresident Donald Trump's plans for 100% tariffs on computer chips that aren't made in the U.S. are stoking confusion among businesses and trading partners — boosting stocks for leading semiconductor companies while leaving smaller producers scrambling to understand the implications.
The U.S. imports a relatively small number of chips because most of the foreign-made chips in a device — from an iPhone to a car — were already assembled into a product, or part of a product, before it landed in the country.
Continue reading...
Trump's planned 100% computer chip tariff sparks confusion among businesses and trading partners
Favorite emerges for Trump's Fed chair, report says
Thursday 7 August 2025 18:30 , Oliver O'ConnellChristopher Waller, a current governor at the Federal Reserve, is reportedly a leading contender to become the central bank's next chair, according to a Bloomberg News report.
Sources familiar with the matter told Bloomberg that Waller has met with members of President Donald Trump's team, who are said to be impressed with him, although he has not yet met the president himself.
A spokesperson for the Federal Reserve declined to comment on the report. White House spokesperson Kush Desai stated: “President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again. Unless it comes from President Trump himself, however, any discussion about personnel decisions should be regarded as pure speculation.”
The development comes as President Trump has intensified his search for a new Federal Reserve chair, despite previously backing off threats to remove current Chair Jerome Powell before his term concludes on May 15. President Trump has repeatedly criticised Mr Powell for his reluctance to cut interest rates.
With reporting from Reuters
Trump claims ‘billions of dollars’ now flowing into US as new tariffs come into effect
Thursday 7 August 2025 18:40 , Oliver O'ConnellPresident Donald Trump declared that billions of dollars are “flowing” into the U.S. just minutes before the president’s new tariffs went into effect.
Trump doubled down on his trade war last week, unveiling new rates between 10 and 41 percent on goods from more than 90 countries.
After ordering a week-long delay on most tariffs just before his self-imposed deadline expired on August 1, the president's rates took effect just after midnight on Thursday.
James Liddell reports.
Trump claims ‘billions of dollars’ flowing into US as new tariffs come into effect
Might Trump's tariffs be pushing India and China closer together?
Thursday 7 August 2025 19:00 , Oliver O'ConnellAlthough India has been one of Washington’s key strategic partners in countering China’s dominance in the Asia-Pacific region, experts warn that the latest wave of US tariffs could prompt Delhi and Beijing to seek closer mutual ties.
Alisha Rahaman Sarkar reports.
Are Trump’s tariffs pushing rivals India and China closer together?
India and Brazil leaders talk after Trump tariff hike
Thursday 7 August 2025 19:15 , Oliver O'ConnellIndian Prime Minister Narendra Modi and Brazil's President Luiz Inácio Lula da Silva held a telephone conversation on Thursday, according to Modi's office.
The call followed Lula's declaration a day earlier that he intended to initiate discussions within the BRICS group specifically to address tariffs imposed by President Donald Trump.
While Modi's office stated the pair “exchanged views on various regional and global issues of mutual interest,” it notably omitted any explicit mention of Trump or his trade levies.
The BRICS economic grouping also comprises Russia and South Africa.
This comes as India has already indicated a potential rebalancing of its global partnerships in response to the imposition of heavy tariffs on Indian goods by Trump.
Full list of countries hit by Trump's new trade war tariffs
Thursday 7 August 2025 19:30 , Oliver O'ConnellPresident Donald Trump’s sweeping new tariffs on dozens of countries have taken effect as he continues to escalate his global trade war.
Here’s the full list:
Trump tariffs: Full list of countries hit by US president’s new trade war levies
UN head calls US tariffs rollout 'disheartening news'
Thursday 7 August 2025 19:45 , Oliver O'ConnellThe United Nations Secretary-General, Antonio Guterres, has described the implementation of new U.S. tariffs as “disheartening news,” warning that all trade wars “are ruinous and need to be avoided.”
Speaking through his deputy spokesman, Farhan Haq, Guterres stressed that governments must implement “measures... to protect the poorest and most vulnerable sectors of society who will certainly suffer as a result of the higher prices” caused by such conflicts.
India calls Trump's 50% tariffs ‘unfair’
Thursday 7 August 2025 20:00 , Oliver O'ConnellIndia has called Donald Trump's hefty tariffs "unfair" after the US president slapped an additional 25 percent duty on New Delhi as punishment for importing Russian oil.
The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50 percent. However, three weeks would allow India and Russia the opportunity to negotiate with the US administration on the import taxes.
Alisha Rahaman Sarkar reports.
Ralph Lauren shares fall as fashion house says tariffs could squeeze profits
Thursday 7 August 2025 20:30 , Oliver O'ConnellShares in Ralph Lauren plummeted by more than 7 percent on Thursday, as the luxury fashion house expressed concerns that tariff costs could erode profit margins and that it is closely monitoring consumer reactions to higher prices.
"The big unknown sitting here today is the price sensitivity and how the consumer reacts to the broader pricing environment and how sensitive that consumer is," Ralph Lauren’s CEO Patrice Louvet told analysts. "That’s what we’re watching very closely as we head into the second half."
These cautious remarks followed the clothing maker’s strong sales performance in its fiscal first quarter, which also saw an upgrade to its sales outlook.
The New York-based company had previously announced in May that it would be raising prices this autumn due to tariffs.
Vance-hosted Epstein meeting took place at White House, report says
Thursday 7 August 2025 20:45 , Oliver O'ConnellAs the controversy around the Jeffrey Epstein files continues, following the Justice Department’s announcement in early July that there was no client list and no more documents would be released, MSNBC reports that there was, in fact, a White House meeting regarding the Epstein case last night.
This comes after the Trump administration denied that any such meeting, originally billed as a dinner, was ever planned. CNN was the first to report that the meeting aimed to align everyone on the issue and resolve tensions between Attorney General Pam Bondi and FBI Director Kash Patel. It was scheduled to take place at the Naval Observatory, the official residence of Vice President JD Vance.
MSNBC reports that both Bondi and Patel attended the meeting at the White House last night, but it is unclear whether President Donald Trump was also present.
When asked about the meeting yesterday afternoon during an Oval Office event, when it was still believed to be at Vance’s residence, both the vice president and the president denied it.
“We're not meeting to talk about the Epstein situation. And I think the reporter, the reporter needs better sources,” Vance said.
“Look, the whole thing is a hoax,” Trump added. “It's put out by the Democrats because we've had the most successful six months in the history of our country. And that's just a way of trying to divert attention to something that's total bulls***.”
It was also reportedly on the agenda to discuss what Epstein accomplice Ghislaine Maxwell told Deputy Attorney General Todd Blanche before her transfer to a minimum-security facility, following a meeting with the DOJ's second in command.
Trump names Stephen Miran to Fed board
Thursday 7 August 2025 20:46 , Oliver O'ConnellPresident Donald Trump has chosen Council of Economic Advisers Chairman Stephen Miran to serve as a temporary Federal Reserve governor.
In a post on Truth Social, the president wrote:
It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!
Miran will take the seat being vacated by Adriana Kugler.
Trump taps his chair of the Council of Economic Advisors to fill vacancy on the Federal Reserve pic.twitter.com/DmIih1dwCz
— Philip Melanchthon Wegmann (@PhilipWegmann) August 7, 2025
Watch: Miran gives his take on the jobs report last week
Thursday 7 August 2025 20:52 , Oliver O'ConnellMe: Initial reaction to jobs report?
— Libbey Dean (@LibbeyDean_) August 1, 2025
Council of Economic Advisers Chairman Stephen Miran: "Obviously there were elements of it that we didn't love.” pic.twitter.com/93VCDSi82F
Brace yourself, Trump’s tariffs are now in place and alcohol, a cup of joe, and Toyotas are about to cost a whole lot more
Thursday 7 August 2025 21:00 , Ariana BaioPresident Donald Trump’s global tariffs, ranging from 10 to 50 percent, took effect on Thursday, igniting fear among consumers, companies, and investors about potential price hikes.
Everyday items ranging from coffee to Toyotas, home furnishings to Gap jeans, are expected to become more expensive as companies adjust their prices to counteract the impact of tariffs. While the president has asked companies to absorb the cost of tariffs, many cannot forever.
Even luxury items such as Range Rovers, French wines, or Rolex watches are likely to raise prices as they face 10 percent, 15 percent, and 39 percent tariffs, respectively, from the president.
While Trump wants tariffs to promote domestic production and purchasing, Americans will most likely bear the cost. Economic experts agree that sweeping tariffs on goods from countries could lead to supply chain issues, price spikes, or even inflation.
Here are some of the goods expected to cost more:
Alcohol and coffee could cost a whole lot more with Trump’s tariffs in place
Dow and S&P 500 end day lower as market absorbs tariffs rollout
Thursday 7 August 2025 21:15 , Oliver O'ConnellMajor U.S. stock indexes declined on Thursday, as President Donald Trump’s higher tariffs on imports from dozens of countries went into effect. U.S. import duties are now at their highest in a century.
Investors also absorbed reports on his preferred candidate for the Federal Reserve chair.
Bloomberg indicated that Fed Governor Christopher Waller was Trump's leading choice for the US central bank's top position.
Trump has openly criticised current Chair Jerome Powell for hesitating to reduce borrowing costs, with many investors anticipating the Fed will cut interest rates in September.
Chipmaker Intel saw its stock fall by 3.7 percent after Trump called for the immediate resignation of its new CEO, Lip-Bu Tan, labelling him “highly conflicted” due to his connections with Chinese firms.
Conversely, Apple shares climbed 3 percent, benefiting from a recent tariff announcement by Trump that largely exempted industry heavyweights from his threatened 100 percent levy on chips and semiconductors.
The president had announced an approximate 100 percent tariff on semiconductor imports, but specified it would not apply to companies manufacturing or committed to manufacturing within the U.S.
According to preliminary data, the S&P 500 lost 4.19 points, or 0.07%, to end at 6,340.87 points, while the Nasdaq Composite gained 74.50 points, or 0.35%, to 21,243.92.
The Dow Jones Industrial Average fell 218.80 points, or 0.50%, to 43,974.32.
With reporting from Reuters
Countries rush to make deals to avoid new Trump tariffs as world economy braces for impact
Thursday 7 August 2025 21:30 , Oliver O'ConnellHow are countries reacting to high tariffs imposed by President Donald Trump?
“There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way,” said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington.
Countries with punishingly high duties, such as India and Canada, “will continue to scramble around trying to fix this,” he added.
Switzerland's President Karin Keller-Sutter stated on Thursday that talks with the U.S. would continue after she returned empty-handed from an 11th-hour trip to Washington aimed at preventing the crippling U.S. import tariff on Swiss goods.
A last-minute effort by South Africa to improve its offer in exchange for a lower tariff rate also failed. The trade negotiating teams of both countries will have more discussions, according to South African President Cyril Ramaphosa's office.
Vietnam announced on Thursday that it would continue talks with the U.S. as it seeks to lower tariffs further, following negotiations that resulted in a reduction from 46% to 20%, down from the duty Trump imposed on imports from the Southeast Asian country in April.
Meanwhile, Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday that he would not humiliate himself by seeking a phone call with Trump, even as he said his government would continue cabinet-level talks to lower a 50% tariff rate.
Indian Prime Minister Narendra Modi also expressed defiance, saying he would not compromise the interests of the country's farmers.
There were signs that some nations were joining forces to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs.
India announced on Wednesday that Modi would visit China for the first time in seven years.
Trump holds ‘major announcement’ in Oval Office - but it was just to tout his perceived economic wins
Thursday 7 August 2025 21:50 , Andrew FeinbergAn Oval Office event the White House billed as a “major announcement on the economy” by President Donald Trump this afternoon turned out to be nothing more than a sycophantic presentation by a partisan television commentator who’d brought along charts, touting the economic record of the president’s first term.
Reporters who were summoned to the president’s workspace were told Trump would be making a “major announcement” ahead of his only scheduled public appearance of the day, an East Room ceremony to honor Purple Heart recipients.
Instead, they were greeted by Trump standing alongside Stephen Moore, a right-wing television commentator and economist who the president had tried — and failed — to put on the Federal Reserve Board of Governors during his first term.
Read the full story.
Trump summons press for ‘major announcement’ by TV economist
Trump says he would meet with Putin even if Russian president won’t meet with Zelenskyy
Thursday 7 August 2025 22:05 , Rhian LubinAt a brief appearance in the Oval Office this afternoon, President Donald Trump told reporters that he would meet with Russian President Vladimir Putin even if the leader wouldn’t meet with Ukrainian President Volodymyr Zelensky.
Trump was asked Thursday by a reporter if Putin would need to meet with Zelenskyy in order to secure a meeting with the U.S.
“No, he doesn’t. No,” Trump replied.
Trump says he'll nominate Stephan Miran to Federal Reserve board
Thursday 7 August 2025 22:25 , Rhian Lubin, APTrump said he has named Stephen Miran, the chair of the White House’s Council of Economic Advisers, to fill a seat vacated by governor Adriana Kugler, a Biden appointee who is stepping down Friday.
Miran, if approved by the Senate, will serve until January 31, 2026.
The appointment is Trump’s first opportunity to exert more control over the Fed, one of the few remaining independent federal agencies. Trump has relentlessly criticized the current chair, Jerome Powell, for keeping short-term interest rates unchanged, calling him “a stubborn MORON” last week on social media.
Miran has been a major defender of Trump’s income tax cuts and tariff hikes, arguing that the combination will generate enough economic growth to reduce budget deficits.
He also has played down the risk of Trump’s tariffs generating higher inflation, a major source of concern for Powell.
Bank predicts American shoppers will bear most of tariff costs
Thursday 7 August 2025 22:30 , Oliver O'ConnellMeera Pandit, J.P. Morgan Asset Management global markets strategist, joined CNBC’s Squawk on the Street to discuss how she expects President Donald Trump’s tariffs could impact profitability, consumer behavior, and more.
Meera Pandit of JPMorgan warns that "We’re expecting around 60% of cost of tariffs will get passed on consumer." https://t.co/jTEWG1zy1A
— Eric Michael Garcia (@EricMGarcia) August 7, 2025
She said the bank expects around 60 percent of the costs of tariffs to be passed on to American consumers, while companies retain 40 percent.
Pandit noted that tax cuts could provide a tailwind for consumer and corporate profitability in the coming year. However, she expressed concern about the potential inflationary effects of these policies, influenced by the Federal Reserve's reaction to the weakening job market and rising goods costs.
Despite a possible shift in inflation trends towards services, growth and inflation are expected to remain linked, potentially keeping inflation elevated in the first half of the next year.
Watch: Treasury Secretary quizzed on who pays tariffs
Thursday 7 August 2025 23:00 , Oliver O'ConnellSpoiler: It’s the U.S. importer who pays a tax on what they buy from overseas, not the foreign exporter.
"So the tariff is paid in this country by the importer, is that right?" -- Eugene Robinson guides Scott Bessent into acknowledging that tariffs are in fact paid in the United States, not by foreign governments pic.twitter.com/uB3QqAsmpe
— Aaron Rupar (@atrupar) August 7, 2025
Wall Street drifts as stock markets worldwide take Trump’s new tariffs in stride
Thursday 7 August 2025 23:30 , APU.S. stocks drifted to a mixed finish on Thursday, as President Donald Trump’s new tariffs on dozens of countries had only a muted effect on markets worldwide.
The S&P 500 slipped 0.1% Thursday. The Dow Jones Industrial Average dipped 0.5%, and the Nasdaq composite rose 0.3%.
Worries are high that Trump’s tariffs are damaging the economy, particularly after last week’s worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports from big U.S. companies are helping to offset the concerns, at least for now.
Trump's planned 100% computer chip tariff sparks confusion among businesses and trading partners
Friday 8 August 2025 00:00 , Rhian LubinPresident Donald Trump's plans for 100% tariffs on computer chips that aren't made in the U.S. are stoking confusion among businesses and trading partners — boosting stocks for leading semiconductor companies while leaving smaller producers scrambling to understand the implications.
The U.S. imports a relatively small number of chips because most of the foreign-made chips in a device — from an iPhone to a car — were already assembled into a product, or part of a product, before it landed in the country.
"The real question everybody in the industry is asking is whether there will be a component tariff, where the chips in a device would require some sort of separate tariff calculation,” said Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics.
Read on.
Trump's planned 100% computer chip tariff sparks confusion among businesses and trading partners
Watch: Cost of electronics likely to rise as Trump announces 100% tariff on computer chips
Friday 8 August 2025 00:30 , Rhian LubinThe U.S. has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection.
The letter - dated July 31 - said one-kilo and 100 ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world's largest refining hub.
Trump’s tariffs are now in place. Alcohol, a cup of joe, and Toyotas are about to cost a whole lot more
01:30 , Ariana BaioPresident Donald Trump’s global tariffs, ranging from 10 to 50 percent, took effect on Thursday, igniting fear among consumers, companies, and investors about potential price hikes.
Everyday items ranging from coffee to Toyotas, home furnishings to Gap jeans, are expected to become more expensive as companies adjust their prices to counteract the impact of tariffs. While the president has asked companies to absorb any increases in costs, many cannot forever.
Even luxury items such as Range Rovers, French wines, or Rolex watches are likely to face price hikes as they navigate 10 percent, 15 percent, and 39 percent tariffs, respectively, from the president.
While Trump wants tariffs to promote domestic production and purchasing, Americans will most likely bear the cost. Economic experts agree that sweeping tariffs on goods from countries could lead to supply chain issues, price spikes, or even inflation.
Read on to learn about some of the goods expected to cost more.
Alcohol and coffee could cost a whole lot more with Trump’s tariffs in place
Washington Sen. Patty Murray: "You are paying more for almost everything because of Trump himself."
02:00 , Rhian LubinAs of today, thanks to Trump, Americans are paying the highest tariff rate since 1933.
— Senator Patty Murray (@PattyMurray) August 7, 2025
And the average household is going to lose out on $2,400 thanks to Trump's tariffs.
You are paying more for almost everything because of Trump himself. pic.twitter.com/F3bcaiJyGr
Trump’s tariffs are not only making cars more expensive, but insurance as well
02:30 , Rhian LubinWhile the price of car insurance has risen in recent years, President Donald Trump’s tariff polices look set to raise it further.
An analysis by Insurify found that the cost of full-coverage car insurance could rise as much as seven percent to an average of $2,472 annually by the end of this year if tariffs lead to major losses for insurers.
Without the effect of tariffs, drivers are still set to see a rate increase of four percent in the second half of 2025, according to the insurance comparison site.
Gustaf Kilander reports.
Trump’s tariffs are not only making cars more expensive, but insurance as well
Recap: President Donald Trump's tariffs come into effect
03:00 , Rhian Lubin- Donald Trump's global tariffs, ranging from 10 to 50 per cent, came into effect on Thursday, sparking concerns among consumers, companies, and investors about potential price increases.
- The tariffs are anticipated to make a wide array of goods more expensive, from everyday items like coffee and clothing to luxury products such as Range Rovers and Swiss watches.
- Economic experts warn that these sweeping tariffs could lead to supply chain disruptions, significant price hikes, and even inflation, with Americans ultimately bearing the increased costs.
- Industries including alcohol, automotive, apparel, and steel are already forecasting substantial financial losses and job cuts in some cases, with some companies like Diageo and major car manufacturers projecting hundreds of millions or billions in losses.
- While the tariffs are intended to boost domestic production, businesses are being forced to raise prices, as exemplified by a Tennessee cookware manufacturer increasing prices by 15 per cent due to higher steel costs.
Trump lashes out at the WSJ as he touts his tariffs
03:30 , Rhian LubinPresident Donald Trump lashed out at the Wall Street Journal on Truth Social Thursday as he touted his tariffs.
Trump, who is embroiled in a defamation legal battle with the newspaper over a Jeffrey Epstein report, accused the WSJ’s editorial board of being “China centric.”
Full list of countries hit by Trump's new trade war levies
04:00 , Alexander ButlerUS trading partners hit by new tariffs:
Read the full list.
Trump tariffs: Full list of countries hit by US president’s new trade war levies
