Tracking Trump's Tariffs and Turbulent Trade Talks

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Trump Calls on Goldman to Replace Economist Over Tariff Stance​

President Trump on Tuesday appeared to call for Goldman Sachs Chief Executive David Solomon to replace the bank’s top economist over his past predictions, in his latest broadside against executives he believes are undermining his goals.

Trump said on his Truth Social social-media platform that Solomon should “go out and get himself a new Economist” because the bank made a “bad prediction a long time ago” on the market and tariffs. The president asserted that tariffs haven’t caused inflation or other issues for the U.S. economy.

He also questioned whether Solomon himself should focus on just being a DJ, a reference to the bank chief’s former side gig.

Trump appears to be referring to Jan Hatzius, the bank’s longtime chief economist, though he didn’t call him out by name or title. Hatzius is well-known on Wall Street for forecasting in 2008 that mortgage defaults could lead to a severe recession.

More:

https://www.msn.com/en-us/money/mar...er-tariff-stance/ar-AA1KotiS?ocid=socialshare
 
 

Deere warns of bigger tariff hit after quarterly profit declines​

By Nathan Gomes

(Reuters) -Deere & Co reported a drop in third-quarter profit on Thursday and warned of a bigger tariff hit than previously expected, sending shares of the farm-equipment maker down 7% in morning trade.

U.S. President Donald Trump's sweeping tariffs have impacted companies across sectors, especially the manufacturing and industrial firms that rely significantly on imported raw materials.

This has added to the woes of farm-equipment makers who were already grappling with slow demand due to a slump in crop prices for wheat, corn and soybeans in North America and farmers opting to rent machinery instead of buying.

More:

https://www.msn.com/en-us/money/com...-profit-declines/ar-AA1Kx7F5?ocid=socialshare
 

Trump expands 50% steel and aluminum tariffs to include 407 additional product types​

  • The Trump administration announced that 50% duties are now in effect on more than 400 additional kinds of products that contain aluminum or steel.
  • The new product categories include everyday items like car parts, plastics and specialty chemicals.
  • Economists warn that the new levies could further strain the U.S. supply chain and raise prices for consumers.
The Trump administration has quietly expanded its 50% steel and aluminum tariffs to include more than 400 additional product categories, vastly increasing the reach and impact of this arm of its trade agenda.

The new tariffs, which took effect Monday, expand the scope of the levies that President Donald Trump previously announced on the valuable commodities. The tariff list now covers products like fire extinguishers, machinery, construction materials and specialty chemicals that either contain, or are contained in, aluminum or steel.

More:

 

India, Russia vow to deepen trade ties, defying Trump’s tariff threats over oil​

  • The two countries reaffirmed their plans to boost bilateral trade, including increasing India’s exports to Russia.
  • Other plans include sending Indian workers with skills in IT, construction and engineering to Russia to help address labor shortages.
  • The U.S. tariff threats could act as a catalyst for India to further deepen ties with Russia, an analyst said.
India and Russia agreed Thursday to expand bilateral trade ties, signaling that U.S. tariff pressure on New Delhi over Russian oil purchases is unlikely to derail their partnership.

India currently faces additional tariffs of up to 50% on goods shipped to the U.S., after the Trump administration escalated tariff threats in response to its substantial imports of Russian energy.

More:

 

'Reconsider this': Trump voter begs president as tariffs 'crush' daughter's business​

A voter who supported Donald Trump in the presidential election begged the White House to end its tariff policy because his daughter's business was being "crushed."

Holly Eve told the Economic Times that she may have to close her California-based deodorant business after tariffs raised the prices on necessary components.

According to Eve, manufacturers informed her that the cost of her items would increase by 60% to 200% due to tariffs. She took out a small-business loan following the pandemic, but now fears she won't be able to cover the payments.

More:

https://www.msn.com/en-us/news/poli...S&cvid=68a83c4875f040d8af88e86c5695de48&ei=29
 

Canada drops many of its retaliatory tariffs on the U.S.​

  • Canada announced Friday it was dropping most of its counter-tariffs of 25% on U.S. goods.
  • The tariffs on U.S. autos, steel and aluminum will remain in place for now.
  • The move comes as the U.S.-Mexico-Canada agreement is scheduled for a review in the next few months.
Canada removed many of its retaliatory tariffs on the U.S. on Friday, marking a significant step forward in the two countries’ relationship.

Canada in March imposed counter-tariffs of 25% on a long list of U.S. products that fall in line with the North American trade deal after the U.S. had announced 25% duties on steel and aluminum. Notably, Canada’s 25% tariffs on U.S. autos, steel and aluminum will remain in place for now, Canadian Prime Minister Mark Carney said in a press conference Friday.

The change will go into effect on Sept. 1, Carney added.

More:

 

Empty offices, lost orders: India's diamond hub stands idle as steep US tariffs loom​

By Bansari Mayur Kamdar and Rajendra Jadhav

SURAT, India (Reuters) -The Surat Diamond Bourse, billed as the world's largest office complex - surpassing even the Pentagon in size and symbolizing India's growing trade ambitions, stands eerily quiet, with only a few traders at work.

The reason: business is sluggish and the outlook is grim.

Exports by India's diamond industry have already hit a two-decade low on weak Chinese demand, and now higher tariffs under U.S. President Donald Trump threaten to sever access to its largest market, which accounts for nearly a third of its $28.5 billion annual shipments of gem and jewelry.

More:

https://www.msn.com/en-us/money/mar...-us-tariffs-loom/ar-AA1LdkrS?ocid=socialshare
 

Why the end of ‘de minimis’ can hurt consumers — especially lower-income ones​

  • The “de minimis” rule exempts shipments under $800 from tariffs and other duties.
  • President Donald Trump is ending the rule on Friday.
  • All low-value goods shipped to consumers from overseas will be subject to extra fees, raising costs, economists said.
The Trump administration is scrapping the “de minimis” rule on Friday, a move likely to raise prices for consumers who buy inexpensive goods online and that may trigger near-term shortages for certain items, economists and trade experts said.

“It’s a massive change for the U.S. consumer,” said Rathna Sharad, CEO of FlavorCloud, a cross-border logistics firm.

More:

 

Most Trump tariffs ruled illegal in huge blow to White House trade policy​

  • A federal appeals court ruled that most of President Donald Trump’s global tariffs are illegal, striking a massive blow to the core of his aggressive trade policy.
  • Trump is all but certain to appeal the ruling to the Supreme Court.
A federal appeals court ruled Friday that most of President Donald Trump’s global tariffs are illegal, striking a massive blow to the core of his aggressive trade policy.

The U.S. Court of Appeals for the Federal Circuit in a 7-4 ruling held that the law Trump invoked when he granted his most expansive tariffs does not actually grant him the power to impose those levies.

More:

 

Why the end of ‘de minimis’ can hurt consumers — especially lower-income ones​

  • The “de minimis” rule exempts shipments under $800 from tariffs and other duties.
  • President Donald Trump is ending the rule on Friday.
  • All low-value goods shipped to consumers from overseas will be subject to extra fees, raising costs, economists said.
The Trump administration is scrapping the “de minimis” rule on Friday, a move likely to raise prices for consumers who buy inexpensive goods online and that may trigger near-term shortages for certain items, economists and trade experts said.

“It’s a massive change for the U.S. consumer,” said Rathna Sharad, CEO of FlavorCloud, a cross-border logistics firm.

More:

Ending it is actually a good thing. It's intent was not meant to fuel multi billion dollar industries.

From a quick search:
The U.S. de minimis exemption was originally for a trivial, low value to save the government expense and inconvenience of collecting small amounts of duty and fees on imported goods. Enacted in 1938 under Section 321 of the Tariff Act of 1930, the rule was meant for occasional small packages, not for the massive volume of direct-to-consumer e-commerce that grew to rely on it later.
 

Swiss Gold Industry Lobby Rejects Idea of US Relocation, NZZ Says​

(Bloomberg) -- Switzerland’s trade group for gold refiners opposes a relocation of some operations to the US to ease a trade imbalance between the countries and help tariff negotiations, newspaper Neue Zuercher Zeitung reported.

The government is trying to find ways to get President Donald Trump to lower his 39% tariff on Switzerland, which is damaging companies and the economy. There have been suggestions that moving gold refining capacity to the US would be an option to appease Trump.

More:

https://www.msn.com/en-us/money/mar...ocation-nzz-says/ar-AA1LwZ74?ocid=socialshare
 
Ending it is actually a good thing. It's intent was not meant to fuel multi billion dollar industries.

Not in my opinion. There are people who buy certain item from overseas that they can't get here or are cheaper coming from overseas. It will only hurt them in their pocketbook.

For instance take Anon-CO

They have some of the best prices for short wave radios anywhere. I've bought several from them pre-T. Even with the cost of shipping it was worth it. With T's new de-minimis ruling it may cost a lot more than you could buy it here. This is but one example.
 
Not in my opinion. There are people who buy certain item from overseas that they can't get here or are cheaper coming from overseas. It will only hurt them in their pocketbook.

For instance take Anon-CO

They have some of the best prices for short wave radios anywhere. I've bought several from them pre-T. Even with the cost of shipping it was worth it. With T's new de-minimis ruling it may cost a lot more than you could buy it here. This is but one example.
My point was that it was intended as a way for individuals to be able send each other items of low-ish value to each other without imports and duty's on them.

It wasn't intended to allow companies like Temu and and others to run billion dollar businesses based on it

Was this part of my response lost on you?

Enacted in 1938 under Section 321 of the Tariff Act of 1930, the rule was meant for occasional small packages, not for the massive volume of direct-to-consumer e-commerce that grew to rely on it later.

Just like everything else the government does, the intent for having done it in the first place, ends up getting perverted down the road.
.....and if anyone ever tries fixing it, people scream omg! we can't live without it!

Again, it's Congess' fault for not fixinng it to still allow small private shipments while subjecting the big companies using de minimus as a loophole to avoid the costs regular companies importing the same amount of goods, but in bulk, are having to pay.
 
The government is trying to find ways to get President Donald Trump to lower his 39% tariff on Switzerland, which is damaging companies and the economy.
There's a super easy fix for that.

All they gotta do is get rid of their previously existing tariffs on OUR goods.

Wanna import a US car? 25% tariff, says the Swiss gov.

Are those steel and aluminum products you are importing? That'll be 50%, says the Swiss gov.

There's more.

Wasn't quick finding those, as all the search engines try to say Switzerland has no tariffs on US goods, but there's tons of exemptions to that.

Every time I asked about their tariffs, all it responded with was Trump's 39% tariff on them and how terrible it is. Had to word questions very specifically to get it to give an actual answer to the question.


All I wanna know, is if tariffs are so bad for us, why do all other nations use them?

Why are we the only ones expected not to use them?
 
There's a super easy fix for that.

All they gotta do is get rid of their previously existing tariffs on OUR goods.

Wanna import a US car? 25% tariff, says the Swiss gov.

Are those steel and aluminum products you are importing? That'll be 50%, says the Swiss gov.

There's more.

Wasn't quick finding those, as all the search engines try to say Switzerland has no tariffs on US goods, but there's tons of exemptions to that.

Every time I asked about their tariffs, all it responded with was Trump's 39% tariff on them and how terrible it is. Had to word questions very specifically to get it to give an actual answer to the question.


All I wanna know, is if tariffs are so bad for us, why do all other nations use them?

Why are we the only ones expected not to use them?

From Grok:

Tariffs aren't inherently "bad" for everyone or every situation—they're a tool governments use for specific purposes, but economists generally agree that broad or high tariffs tend to harm economies overall by raising prices for consumers, distorting markets, and inviting retaliation that reduces global trade. That said, your question touches on a common perception: if tariffs are so detrimental, why do so many countries (including the U.S.) still impose them? The reality is that not *all* nations use high tariffs—many advanced economies keep them low or zero under international agreements—but tariffs remain widespread for practical reasons. I'll break this down step by step, drawing on global trade data and economic principles.

### 1. **Do All Other Nations Use Tariffs? Not Really—It Depends on the Country and Context**
- No, not every country imposes high tariffs across the board. In fact, the global average applied tariff rate (weighted by trade volumes) is only about 2.6% as of recent data. Many developed nations, like those in the European Union (average ~2.7%), Japan (~1.9%), Switzerland (~1.7%), and even the U.S. (pre-2025 hikes: ~1.5%), maintain very low rates to promote efficient trade and economic growth.
- Higher tariffs are more common in developing or emerging economies, where they serve as a key policy lever. For example:
- India: ~12% average (up to 100% on cars).
- Brazil: ~11.2%.
- China: ~3% overall, but higher on specific goods like agriculture or autos.
- Bermuda: ~23.8% (highest globally, often for revenue in small economies).
- Under the World Trade Organization (WTO), most of the world's 170+ members commit to "bound" rates (maximums they won't exceed without negotiation), but they can apply lower "applied" rates. Free trade agreements (FTAs) further reduce or eliminate tariffs between partners—e.g., the EU's internal trade is mostly tariff-free, and the U.S. had low/no tariffs with Canada and Mexico under USMCA until recent changes.
- In 2025, the U.S. has dramatically increased its own tariffs (now averaging ~18-27% depending on the measure and exemptions), making it one of the higher-tariff nations globally. This has prompted retaliation: China now averages ~84% on U.S. goods, the EU ~20-30%, and others like India ~50%. So, the U.S. is now joining the "high-tariff club" it often criticizes.

Here's a table of average applied tariff rates for select major economies (based on 2023 WTO/World Bank data, pre-2025 U.S. hikes; 2025 U.S. figures are estimates from recent analyses):

| Country/Region | Average Applied Tariff Rate (Pre-2025) | Notes/2025 Updates |
|----------------------|----------------------------------------|---------------------|
| United States | 1.5% | Now ~18-27% (highest since 1930s due to reciprocal tariffs on China, EU, etc.). |
| European Union | 2.7% | Retaliatory hikes to 20-30% on U.S. goods in 2025. |
| China | 3.0% | Retaliatory ~84% on U.S. imports; U.S. tariffs on China now ~125%. |
| Japan | 1.9% | Low; negotiated down to ~15% under U.S. deals in 2025. |
| India | 12% | High on autos/agriculture; U.S. reciprocal at 50%. |
| Brazil | 11.2% | U.S. reciprocal at 50%; focuses on protecting industry. |
| Canada | 1.5% | U.S. tariffs now ~35%; most exempt under USMCA but tensions rising. |
| Mexico | 4.4% | U.S. tariffs ~25-35%; paused for negotiations. |
| Global Average | 2.6% | Varies widely; developing nations higher (~5-10%). |

Sources: WTO Tariff Profiles, World Bank, and 2025 analyses from Tax Foundation and Yale Budget Lab.

In short, while tariffs aren't universal or uniformly high, they're a standard feature of international trade. Post-WWII, global tariffs fell sharply due to GATT/WTO negotiations (from ~40% in the 1940s to under 5% today in advanced economies), but they've ticked up recently amid protectionism.

### 2. **Why Do Countries Impose Tariffs If They're Often Economically Costly?**
Tariffs have clear downsides: They act like a tax on imports, raising prices for consumers (e.g., a 10% tariff on a $100 imported shirt adds $10 to the cost, often passed to buyers), reducing choices, and slowing growth by limiting efficient global specialization. Studies show they create "deadweight losses" (inefficiencies where overall welfare drops) and can spark trade wars, as seen in 2018-2019 when U.S.-China tariffs cost Americans ~$50 billion annually in higher prices without boosting jobs much. Yet countries use them because the benefits—real or perceived—can outweigh costs in targeted ways. Here are the main reasons, based on economic theory and historical practice:

- **Protecting Domestic Industries and Jobs (Infant Industry Argument)**: Many countries, especially developing ones, use tariffs to shield "infant industries" (new or struggling sectors) from foreign competition. This gives local firms time to grow, innovate, and achieve economies of scale. For example:
- India and Brazil impose high tariffs on autos and electronics to build their manufacturing bases, arguing it prevents deindustrialization.
- Historically, the U.S. itself used high tariffs in the 19th century (up to 50%) to protect early industries like textiles from British dominance.
- In 2025, the U.S. is doing this with steel/aluminum (now 50%) and autos (25%) to "reshore" jobs, though economists note it often protects inefficient firms long-term, leading to higher costs.

- **Generating Government Revenue**: In low-income countries without strong income tax systems, tariffs are an easy way to collect money at the border. They accounted for ~90% of U.S. federal revenue in the 1800s but now are minor (~2-5% globally). Small islands like Bermuda or the Cayman Islands rely on them heavily (~20-24%) because they're simple to administer.

- **National Security and Strategic Goals**: Tariffs protect critical sectors like defense, food, or tech from foreign dependence. The U.S. uses them for steel (national security under Section 232) and now semiconductors/pharma. China subsidizes its industries while tariffing U.S. tech, prompting reciprocity. In 2025, U.S. tariffs on Canada/Mexico/China aim to curb fentanyl/immigration, blending trade with geopolitics.

- **Retaliation and Bargaining Power**: Tariffs pressure trading partners to lower their barriers or make concessions. This is "reciprocal" trade in action—e.g., the EU retaliates against U.S. steel tariffs with duties on American whiskey/harley-davidsons. Trump's 2025 policy explicitly mirrors others' rates to force deals, like the EU's recent agreement for 15% on U.S. goods in exchange for energy buys. Developing nations use them against "unfair" practices like subsidies.

- **Correcting "Unfair" Trade Practices or Imbalances**: Countries tariff to counter dumping (selling below cost), subsidies, or currency manipulation. The U.S. claims China (~3% average but with non-tariff barriers) "unfairly" dominates via state aid, justifying 125% duties. Tariffs can also address trade deficits (U.S. ~$1T in goods), though economists say deficits reflect savings/investment gaps, not just barriers.

- **Environmental, Health, or Social Standards**: Tariffs discourage imports that don't meet local rules, like EU carbon border taxes or U.S. duties on unsafe goods (e.g., tainted beef).

These reasons explain why tariffs persist: They're politically popular (protecting jobs wins votes) and can yield short-term gains for specific groups, even if long-term costs (e.g., ~0.5-1% GDP hit from 2025 U.S. tariffs) outweigh them. A 2018 University of Chicago survey found 93% of economists agree free trade boosts welfare more than protectionism.

### 3. **Why Are Tariffs "Bad" for the U.S. (and Most Economies)? A Balanced View**
- **For Consumers**: You pay more—2025 U.S. tariffs could add ~$2,000-4,900 per household annually via higher prices on imports like electronics, clothes, and cars. Low-income households suffer most (regressive tax).
- **For the Economy**: Reduced trade lowers efficiency; U.S. GDP could drop 0.6-1% long-term from 2025 policies, with ~500,000 fewer jobs (net loss, as gains in steel are offset by losses elsewhere).
- **Retaliation Risks**: Others hit back, hurting U.S. exports (e.g., farmers lost $27B in 2018-2019).
- **But Not Always "Bad"**: Targeted tariffs can work for security (e.g., U.S. steel) or development (e.g., South Korea's auto industry in the 1970s). Revenue from 2025 U.S. tariffs could hit $3T over a decade, funding priorities if not offset by retaliation.

In essence, other nations use tariffs for protection, revenue, and leverage—just like the U.S. is doing now—because the immediate political/economic wins (e.g., shielding jobs) appeal despite broader costs. But evidence shows low-tariff, open trade drives prosperity: Global poverty fell sharply post-WWII liberalization. If you're concerned about U.S. impacts, watch for negotiations—many 2025 tariffs are paused for deals, but escalation could hurt everyone. For specifics on products or countries, let me know!
 
In essence, other nations use tariffs for protection, revenue, and leverage—just like the U.S. is doing now—
Hence the term reciprocal.

We're just tariffing those that tariff us.

Also, my response was about Switzerland. Why do they charge 25% on our cars? Why have/do they charge 50% on our steal and aluminum products.

They also have tariffs on some agricultural products too, among other things.

My point was, if those nations don't like ours, all they gotta do is get rid of their tariffs on our stuff and drop other trade barriers, and we will too.

All I am seeing in the response to Trump on tariffs, is that when we do it, they are bad.
....but when other nations use them, it's portrayed as simply being normal practice.
 
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