President Trump on Wednesday made a slew of moves on the tariff front, threatening a 25% tariff on goods from India and slapping massive 50% tariffs on goods from Brazil.
Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia.
“India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said.
Trump also signed several orders Wednesday:
- One order imposes 50% tariffs on copper imports. Following a Section 232 investigation, the Trump administration is imposing a 50% tariff on semi-finished copper products and copper-intensive derivative products on Aug. 1, but has excluded copper scrap and copper input materials.
- Another order ends the so-called de minimis exemption, thereby applying tariffs to low-value imports that have evaded duties. That measure takes effect Aug. 29 and applies to goods that are valued at or under $800 that had qualified for that tax-free treatment, according to a White House fact sheet.
- The final order imposes the 50% tariffs on imports from Brazil, which Trump had threatened earlier this month. The order says former President Jair Bolsonaro, currently standing trial for his alleged participation in a coup attempt, has been a victim of "political persecution." The order appears to include exemptions for key US imports, including orange juice and aircraft parts.
Trump also again said he would not extend Friday’s deadline for new tariff levels to kick in. Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals.
Meanwhile, 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. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world’s two largest economies before an Aug. 12 deadline.
Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday.
Top EU critics say it’s a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying, and France’s Bayrou dubbed the EU’s "submission" a "dark day."
