Trump tariffs live updates: Canada, EU, Mexico set to be hit with 30% to 35% rates as Trump amps up threats
President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.
Trump announced a 35% tariff on Canadian goods late, claiming Canada had "financially retaliated" to earlier duties. He followed that up this weekend with promises of 30% duties on Mexico and the European Union.
In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.
The fresh tariff salvos capped a week in which Trump sent a barrage of tariff letters to over 20 trade partners, setting levels of 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics.
Meanwhile, Trump also has confirmed 50% copper import tariffs from Aug. 1 to match steel and aluminum. Trump's copper tariffs are also set to include the kinds of materials used for power grids, the military and data centers, a Bloomberg report highlighted on Friday.
As markets focus on US talks with key partners on possible deals, here is where things stand:
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Vietnam: Trump said a deal with Vietnam will see the country's imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China. According to reports, Vietnam's leadership was caught off guard by Trump's announcement last week that it agreed to a 20% tariff and is now seeking to lower the rate.
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India: Trump's tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.
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 1420 updates- Featured Sun, July 13, 2025 at 3:33 PM UTC
EU delays trade retaliation on US goods after Trump 30% tariff threat
The European Union said it will delay its plan to impose tariffs on €21 billion ($24.5 billion) of US exports to the EU, which was set to take effect Tuesday, the Financial Times reports. The bloc is aiming to try to come to an agreement with the Trump administration after President Trump announced Saturday he would impose 30% tariffs on the EU and Mexico as of Aug 1.
Read more here
- Sun, July 13, 2025 at 7:32 PM UTC Bloomberg
German chancellor says 30% tariffs would hit its export industry 'to the core'
German Chancellor Friedrich Merz said US President Donald Trump’s threat of 30% tariffs would hit exporters in Europe’s largest economy “to the core,” if a negotiated solution in the trade conflict can’t be found in the coming weeks.
The European Union will extend the suspension of trade countermeasures against the US until Aug. 1 to allow for further talks after Trump threatened a new 30% tariff rate against the bloc over the weekend.
If that were to happen, Germany’s government may need to postpone parts of its economic policy efforts, Merz told ARD public broadcaster in an interview in Sunday. “That would overshadow everything, and hit the German export industry to the core.”
Read more here
- Sun, July 13, 2025 at 5:15 PM UTC Grace O'Donnell
Time runs out for nearly century-old Michigan clock company due to tariffs, other factors
From the AP:
Read more here.
- Sun, July 13, 2025 at 12:46 PM UTC Grace O'Donnell
Lavazza says coffee price rally has peaked but tariffs pose new risks
Lavazza said it expects retail coffee prices to stabilize in the near future after coffee growers in Brazil brought in a decent crop of beans. However, the coffee market is still jittery over risks from tariffs and EU regulations.
The worst is “hopefully” over, Giuseppe Lavazza, chairman of the family-owned firm, told Bloomberg, speaking prior to President Trump's announcement that he would impose 50% tariffs on Brazil.
The Brazil tariffs rattled coffee markets recovering from when coffee prices soared to record highs above $4 a pound in February. Global supply concerns had largely driven the rally in coffee prices, which is expected to be alleviated by greater coffee production in the next season.
While coffee futures (KC=F) prices are now about 30% below February levels, “the market is very nervous, and there is still a lot of uncertainty,” Lavazza said. “We need at least a couple of sound harvests coming out of Brazil and Vietnam to say that the storm is over.”
Read more here.
- Sat, July 12, 2025 at 4:42 PM UTC Grace O'Donnell
Trump’s tariff changes leave Big Tech in limbo
The tech sector is facing renewed uncertainty after President Trump announced new tariff rates but delayed their implementation until Aug. 1.
“It's been two steps forward, one step back,” Deepwater Asset Management managing partner Gene Munster told Yahoo Finance's Daniel Howley.
"We're still moving forward," Munster continued, "but what it means for Big Tech is that it opens up this unknown about what happens now and in that … December quarter, because any changes probably won't really start to take effect until midway through the September quarter."
Some companies, like Nvidia (NVDA) and Apple (AAPL), won a reprieve from tariffs in the short run but still face individual actions from the Trump administration, Howley wrote in this week's tech newsletter. Nvidia is contending with a ban on the sale of its chips to China, while Apple is facing heightened pressure from the Trump administration to build its devices in the US or else face a 25% tariff.
Trump has also teased additional tariffs on semiconductors, which could increase the cost of electronics components as well as entire devices that are made overseas — and ultimately weigh on sales.
Some analysts say the uncertainty is worse than the tariffs themselves.
"And so the question will be, does it just go away again?" TECHnalysis Research president and chief analyst Bob O’Donnell said. "Is it more TACO tariffs or not?” he added, referring to the acronym for “Trump Always Chickens Out."
Read more here.
- Sat, July 12, 2025 at 4:00 PM UTC Bloomberg
Trump tax law allows tax break for office snacks to expire
(Bloomberg) — The SkinnyPop in the break room may not last. Donald Trump is targeting the office snack.
The president’s signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire, imperiling a workplace perk popularized during Silicon Valley’s dot-com boom that is now an emblem of modern office culture. A well-stocked pantry is now a staple at Wall Street banks, among other places.
US companies that continue to provide office snacks, coffee or on-site lunches will see them taxed after Dec. 31, when the deduction will be eliminated.
The tax change gained little attention as the sprawling, nearly 1,000-page legislation moved through Congress and it isn’t yet clear how companies will respond.
Read more here
- Sat, July 12, 2025 at 1:58 PM UTC Reuters
Trump announces 30% tariffs on EU and Mexico
(Reuters) — President Donald Trump on Saturday imposed a 30% tariff on imports from Mexico and the European Union starting on August 1 after weeks of negotiations with the key trading allies failed to reach a more comprehensive trade deal.
The fresh tariffs were announced in separate letters posted on Truth Social on Saturday. Earlier this week, Trump issued new tariff announcements for a number of countries, including Japan, South Korea, Canada and Brazil, as well as a 50% tariff on copper.
The EU had hoped to reach a comprehensive trade agreement with the U.S. for the 27-country bloc.
The European Union had been bracing for the letter from Trump outlining his planned duties on the United States' largest trade and investment partner after a broadening of his tariff war in recent days.
Read more here
Sat, July 12, 2025 at 1:18 PM UTC Pras Subramanian Germany's Mercedes, Porsche stung by Trump's auto tariffs
Yahoo Finance's Pras Subramanian reports this week:
Read more here.
Fri, July 11, 2025 at 7:45 PM UTC Brett LoGiurato US, India work toward interim deal with lower tariffs
The US and India are working toward an interim trade agreement that could see US tariffs on goods from India dip below 20%, Bloomberg reported Friday.
That would be lower than the 26% Trump proposed on April's "Liberation Day" and, as Bloomberg notes, put India in a better position than its peers in the region.
An interim agreement would give the sides more time to hammer out a fuller deal by fall, the report said.
From the report:
More on the key sticking points left:
Read more here.
Fri, July 11, 2025 at 5:00 PM UTC Jenny McCall BMW CEO hopeful for 'manageable' deal on US auto import tariffs
BMW (BMW.DE, BMWKY) is optimistic that the European Union and the United States will soon reach a "manageable" agreement on auto import tariffs that may possibly allow them to offset imports with exports, the German carmakers CEO said on Friday.
Reuters reports:
Read more here.
- Fri, July 11, 2025 at 3:02 PM UTC Grace O'Donnell
What goods may (and may not) be affected by Trump's 35% tariff on Canada
Yahoo Finance's Ben Werschkul reports:
Read more here.
- Fri, July 11, 2025 at 12:17 PM UTC Jenny McCall
EU waits on Trump letter as markets digest latest tariff salvo
The European Union braced on Friday for a letter from President Trump outlining planned duties on one of its biggest trade and investment partners. This follows Trump's overnight letter to Canadian Prime Minister Mark Carney and a flurry of similar messages sent to other nations earlier in the week.
Reuters reports:
Read more here.
- Fri, July 11, 2025 at 10:48 AM UTC Jenny McCall
Trump’s Brazil tariffs risk upending trade from coffee to beef
President Trump's threat of 50% tariffs on Brazil risks shaking global commodity markets, disrupting everything from beef, coffee and oil.
Here’s a look at some stable products US consumers may see rise in price as Trump’s tariffs hit markets and pockets, Bloomberg News reports:
Read more here.
- Fri, July 11, 2025 at 10:03 AM UTC Jenny McCall
Vietnam surprised by Trump tariff announcement, seeks lower rate
It appears Vietnam may have been caught off guard by President Trump's tariff announcement concerning the trade deal established between the two countries. Trump said they had agreed a 20% tariff but the Southeast Asian nation is still seeking a lower rate, according to people familiar with the matter.
Bloomberg News reports:
Read more here.
- Fri, July 11, 2025 at 9:36 AM UTC Jenny McCall
Levi's rises after lifting annual forecasts on steady denim demand in Europe despite tariff pain
Shares in online retailer Levi's (LEVI) rose on Friday before the bell by 7% after it raised its annual revenue and profit forecasts after beating quarterly estimates on Thursday, betting on strong demand for its denims in regions such as Europe in the face of tariff uncertainty.
Reuters reports:
Read more here.
- Fri, July 11, 2025 at 8:51 AM UTC Jenny McCall
Trump’s copper tariffs set to include products for power grids, data centers
US President Donald Trump’s plans to impose a 50% import tariffs on copper imports are set to have a more far reaching impact and will include the kinds of materials used for power grids, the military and data centers.
Bloomberg News reports:
Read more here.
- Fri, July 11, 2025 at 8:46 AM UTC Jenny McCall
Lula tells Trump Brazil can survive without US trade
Brazil's President Luiz Inácio Lula da Silva has come out fighting against President Trump's tariffs, insisting that Brazil can survive without trade with the US and that the South American country will now look to other partners to replace it. Lula's defiant response comes after Trump threatened 50% tariffs on the nation.
Bloomberg News reports:
Read more here.
- Fri, July 11, 2025 at 1:43 AM UTC Rian Howlett
Trump goes on Carney offensive with 35% tariffs on Canadian imports
President Trump has sent a letter to Canadian Prime Minister Mark Carney announcing broad 35% tariffs on imports from the country starting in August.
As he did back in February, Trump cited issues with fentanyl crossing the northern border as a chief reason for establishing these tariffs. That's despite fentanyl seizures on the Canadian border making up less than 1% of the amount discovered entering the country, according to the BBC.
Additionally, Trump referenced a "Trade Deficit" between the neighboring countries and "fiscal retaliation" from tariffs set earlier in the year. Trump also pointed to duties charged on American dairy imports as a matter of National Security.
The letter in full below:
- Thu, July 10, 2025 at 10:50 PM UTC Jenny McCall
Copper traders look to Chinese buyers in post Trump-tariff world
Global copper traders are now shifting from the US and offering cargoes of copper to Chinese buyers as they look to offload metal no longer able to reach the US before President Trump's 50% tariff deadline kicks in.
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 6:00 PM UTC Jenny McCall
Trump copper tariffs could help Antofagasta's stalled US project: CEO
For one company, President Trump's tariffs might not be such a bad thing. Chilean copper miner Antofagasta (ANFGF) said on Thursday that it sees an opportunity for its stalled copper project in the United States following the Trump administration's move to impose 50% import tariffs on the metal, CEO Ivan Arriagada said on Thursday.
Reuters reports:
Read more here.
