Trump Tariffs Live: Mexico Gets Reprieve as Global Trade Deals Unfold

Trump Tariffs Live: Mexico Gets Reprieve as Global Trade Deals Unfold

Trump grants Mexico a 90-day reprieve from tariffs, unleashes global trade moves on Brazil, India, EU, and more. Here’s what it means for you. Trump Tariffs Live Updates: Trump Grants Mexico 90-Day Reprieve as Countries Race to Make Deal In a dramatic 24-hour period ahead of his sweeping new tariffs, former President Donald Trump granted … Read more

US to Burn $9.7 Million in USAID Contraceptives Instead of Sending Them Overseas

next title = Trump tariffs live updates: Trump grants Mexico 90-day reprieve as countries race to make deal data = President Trump on Thursday said he was granting Mexico a 90-day reprieve on higher tariffs, saying he would extend Mexico's current tariff rates to allow for more time for negotiations. "We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer," Trump wrote on social media after talking with Mexico's president, Claudia Sheinbaum. The extension avoids a further escalation with the US's largest trade partner as Trump's sweeping tariffs get set to go into effect Friday. In the days and hours before his tariffs are set to come into full force, Trump has unleashed a flurry of deals and trade moves. Those include a new pact with South Korea and an extension of Mexico's current tariff rates for another 90 days. The South Korea agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, according to Trump's post on Truth Social. Deals were also expected with Thailand and Cambodia after Monday's ceasefire. A deal with Taiwan was also reportedly close. On Wednesday, the president made other moves, including threatening a 25% tariff on goods from India and slapping 50% tariffs on many goods from Brazil — but exempting some of the country's key exports. Trump also signed several orders Wednesday: One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper scrap and input materials. Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. The third order targets Brazil, but it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). Meanwhile, Treasury Secretary Scott Bessent said on Thursday that the US and China now have "the makings of a trade deal," days after the countries wrapped up a third round of talks. Also, the US and EU are racing to lock in the final details of their agreement. 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 1577 updates Featured Jenny McCall Today at 2:38 PM GMT+5:30 Jenny McCall Trump unleashes a flurry of trade surprises on eve of deadline President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. President Donald Trump speaks at an event to promote his proposal to improve Americans' access to their medical records in the East Room of the White House, Wednesday, July 30, 2025, in Washington. (AP Photo/John McDonnell) President Donald Trump speaks at an event to promote his proposal to improve Americans' access to their medical records in the East Room of the White House, Wednesday, July 30, 2025, in Washington. (AP Photo/John McDonnell) · ASSOCIATED PRESS Bloomberg News reports: The onslaught comes on the eve of an Aug. 1 deadline, when the White House threatened reciprocal levies for countries without bilateral agreements, which most don’t have. Trump has said rates globally will come in from 15% all the way to 50% — executing policies he believes will bring home manufacturing and raise government revenue, while giving him enormous leverage on countries whose exports depend on US consumers. “Today we got a flurry of details and it’s the case of the old saying: ‘you can’t see the forest for the trees,’” said Rob Subbaraman, chief economist at Nomura Holdings Inc. “Stepping back, Trump has by and large followed through on his tariff threats. Right now it’s just a lot of noise.” Read more here. Brett LoGiurato Today at 9:01 PM GMT+5:30 Brett LoGiurato Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Jenny McCall Today at 6:00 PM GMT+5:30 Jenny McCall Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Brazil estimates that 35.9% of its exports to the United States, by value, will be hit by a steep 50% tariff under an executive order issued on Wednesday by the Trump administration, two sources familiar with the matter told Reuters. According to the sources, who spoke on condition of anonymity, the Ministry of Development, Industry, Trade and Services, which is leading trade negotiations with the U.S., is expected to unveil the figure later in the day. Trump slapped the 50% tariff to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies. The Brazilian government will also report that another 44.6% of local products will be subject to the preexisting 10% tariff, while the remaining 19.5% will fall under tariffs the U.S. applies globally, ranging from 25% to 50%, added the sources. Read more here. Jenny McCall Today at 5:47 PM GMT+5:30 Jenny McCall Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE “HOTTEST”COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America’s big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE “DEAD,” WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. Jenny McCall Today at 5:05 PM GMT+5:30 Jenny McCall What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: TURNBERRY, SCOTLAND - JULY 27: U.S. President Donald Trump and President of the European Commission Ursula von der Leyen shake hands as they announce a US-EU trade deal after a meeting at Trump Turnberry golf club on July 27, 2025 in Turnberry, Scotland. U.S. President Donald Trump is visiting his Trump Turnberry golf course, as well as Trump International Golf Links in Aberdeenshire, during a brief visit to Scotland from July 25 to 29. (Photo by Andrew Harnik/Getty Images) President Trump and President of the European Commission Ursula von der Leyen shake hands as they announce a US-EU trade deal on July 27, 2025, in Turnberry, Scotland. (Andrew Harnik/Getty Images) · Andrew Harnik via Getty Images President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement touted as being largely concluded, but days later, there are still plenty of disagreements about exactly what is in the pact. Perhaps nowhere is the divide more stark than in the summaries published by each side — one from the White House and another from the European Commission. They depart in at least five areas, both in terms of the deal and the firmness of the commitments. In just one example, the White House summary touts "historic structural reforms and strategic commitments," while the Europeans call the handshake deal "not legally binding," with more negotiations to come. Trump quipped Sunday that a deal would be "the end of it" and that it would be a number of years "before we have to even discuss it again." That is unlikely to be the case, which even Trump's aides acknowledge. The difference is likely to come to a head quickly as negotiations continue between the US and Europe over legally binding text and as trade watchers wait for a formal joint statement on the deal that the teams still hope to unveil this week. Read more here. Jenny McCall Today at 4:30 PM GMT+5:30 Jenny McCall Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America’s big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE “DEAD,” WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: President Donald Trump speaks at an event to promote his proposal to improve Americans' access to their medical records in the East Room of the White House, Wednesday, July 30, 2025, in Washington. (AP Photo/John McDonnell) President Donald Trump speaks at an event to promote his proposal to improve Americans' access to their medical records in the East Room of the White House, Wednesday, July 30, 2025, in Washington. (AP Photo/John McDonnell) · ASSOCIATED PRESS An imposing threat to President Trump’s "Liberation Day" tariffs will be tested by a panel of Washington, D.C., federal appeals court judges on Thursday, less than 24 hours before those duties are scheduled to take effect for countries around the world. In a case that is moving quickly through the judicial system, a group of small business importers and 12 states will clash with the US Justice Department over the president’s authority to impose the tariffs without authorization from Congress. The Circuit Court of Appeals for the Federal Circuit, which is hearing the case, is reviewing a lower court's prior decision in May to strike down the president’s tariffs. That ruling was put on hold pending a decision from a panel of appeals court judges, which is not expected before the additional tariffs take effect Friday. Read more here. Jenny McCall Today at 3:59 PM GMT+5:30 Jenny McCall Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan’s untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Officials did not specify where the exploration would take place, but most of Pakistan’s reserves are believed to be in the insurgency-hit southwestern province of Balochistan, where separatists say the province’s natural resources are being exploited by the central government in Islamabad. “We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves,” U.S. President Donald Trump wrote on his Truth Social platform. “We are in the process of choosing the oil company that will lead this partnership,” Trump added. “Who knows, maybe they’ll be selling oil to India someday!” Read more here. Jenny McCall Today at 3:56 PM GMT+5:30 Jenny McCall EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: European wine and spirits will face a 15% tariff when entering the U.S. from Aug 1, until negotiators agree on a different deal in talks expected to continue in the autumn, EU officials and diplomats said on Thursday. The US tariff on European wine and spirits is now 10%. The European Union is keen to reduce that to zero, or, for wine at least, to the Most Favoured Nation (MFN) rates that are set on a fixed cost per litre basis, rather than in percentage terms. Asked what tariff EU wine and spirits producers will face from August 1, unless a different deal is struck, an EU official close to the negotiations said: "15%." A senior diplomat close to the talks told Reuters that talks on wine tariffs would continue after the EU and US finalise their joint statement on the framework trade deal that was agreed last Sunday between U.S. President Donald Trump and European Commission President Ursula von der Leyen. Read more here. Jenny McCall Today at 3:54 PM GMT+5:30 Jenny McCall Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: COMEX - Delayed Quote • USD Copper Sep 25 (HG=F) Follow View Quote Details 4.3715 -1.2145 (-21.7419%) As of 1:29:11 PM EDT. Market Open. Date 2025-07-28 10:10:00 Close 5.7340 Open 5.7385 High 5.7395 Low 5.7280 1D5D1M6MYTD1Y5YAll The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. “This has badly deviated from market expectations,” said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have “wasted all their efforts” and global copper flows will return to normal, he said. Read more here. Jenny McCall Today at 3:50 PM GMT+5:30 Jenny McCall Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: The US has reached trade agreements with Cambodia and Thailand, Commerce Secretary Howard Lutnick said, days after the Southeast Asian neighbors agreed to a ceasefire at President Donald Trump’s urging to end deadly clashes along their disputed border. “And you know what we did today? We made trade deals with Cambodia and Thailand,” Lutnick said Wednesday night in an interview with Sean Hannity on Fox News. He didn’t elaborate before the interview ended. Thailand and Cambodia both face a tariff rate of 36% from Aug. 1 on their goods to the US, their largest export market. The trade-reliant economies were under pressure to avert the steep levy, especially after neighboring Indonesia and Philippines secured rates of 19% and Vietnam 20%. Read more here. Jenny McCall Today at 3:20 PM GMT+5:30 Jenny McCall BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW (BMW.DE) maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. 29 July 2025, Bavaria, Munich: The BMW brand logo can be seen at a BMW branch in Munich (Bavaria) on July 29, 2025. Bayerische Motoren Werke Aktiengesellschaft (BMW Group) is a registered trademark for automobiles of the German motor vehicle manufacturer BMW based in Munich. The trademark of the listed automobile and motorcycle manufacturer shows the state colors of the Free State of Bavaria white and blue with its quarter circles. Photo: Matthias Balk/dpa (Photo by Matthias Balk/picture alliance via Getty Images) 29 July 2025, Bavaria, Munich: The BMW brand logo can be seen at a BMW branch in Munich (Bavaria) on July 29, 2025. Photo: Matthias Balk/dpa (Photo by Matthias Balk/picture alliance via Getty Images) · picture alliance via Getty Images Reuters reports: European automakers are still digesting a new 15% tariff agreed between the European Union and US President Donald Trump, which is lower than the current rate of 27.5% for autos, but still poses a major obstacle to their export-focused businesses. BMW, whose biggest plant is in the United States and is the Germany's top auto exporter by value, said it continues to expect 2025 earnings before tax to be on par with the previous year when it logged just under 11 billion euros ($12.6 billion). "Our footprint in the U.S. is helping us limit the impact of tariffs," CFO Walter Mertl said in a statement. "Thanks to precise financial control, based on calculated forecasts, we are firmly on track to achieve our targets for the year at the six-month mark," he added. Read more here. Jenny McCall Today at 2:29 PM GMT+5:30 Jenny McCall A list of President Trump’s tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump’s Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Jenny McCall Today at 2:06 PM GMT+5:30 Jenny McCall Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!," Trump wrote on Truth social. Canadian Prime Minister Mark Carney (L) and US President Donald Trump pose for a family photo during the Group of Seven (G7) Summit at the Kananaskis Country Golf Course in Kananaskis, Alberta, Canada on June 16, 2025. (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) Canadian Prime Minister Mark Carney (L) and US President Donald Trump pose for a family photo during the Group of Seven (G7) Summit at the Kananaskis Country Golf Course in Kananaskis, Alberta, Canada on June 16, 2025. (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) · BRENDAN SMIALOWSKI via Getty Images The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump’s Friday deadline. Prospects for a better deal dimmed further when Trump posted on Truth Social that Canada’s decision to back Palestinian statehood “will make it very hard for us to make a Trade Deal with them.” Read more here. Jenny McCall Today at 1:50 PM GMT+5:30 Jenny McCall US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: The deal is similar to the one the US reached with South Korea’s regional rival, Japan, which included a $550 billion investment pledge. In both cases, investments in the US would be directed by Trump himself, the president said. And for both funds, 90% of the profits would flow back to the US, Commerce Secretary Howard Lutnick said in a post on X. Still, details remain unclear and in Japan’s case the two sides offered different interpretations. South Korea, one of the closest US military allies, has been racing to reach a deal after Asian countries from Japan to Indonesia sealed their own agreements. President Lee Jae Myung’s two-month-old government had to scramble to make up ground after being slowed out of the gate by internal political turmoil. “It is a case of the the worst avoided, with a pinch of relief removing Korea-specific tariff risks,” Kathleen Oh, Chief Korea Economist at Morgan Stanley, wrote in a note. “It puts Korea on level ground with its export competitors in the US, especially for autos.” Read more here. Brett LoGiurato Today at 2:28 AM GMT+5:30 Brett LoGiurato Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they’ll be selling Oil to India some day! Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Today at 1:06 AM GMT+5:30 Grace O'Donnell Powell on tariff-related price increases: Companies will 'cross the street in a group'

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