The White House has moved the official portrait of former President Barack Obama to a new location in the East Room, replacing it with a painting of then-candidate Trump with his fist raised in the air right after the assassination attempt in Butler, Pennsylvania.

The White House moved the portrait of former President George W. Bush to a new location as well.

In a brief video posted on X, the White House showed the new Trump painting in the spot traditionally reserved for the most recent official presidential portrait, with accompanying text saying “some new artwork at the White House.” Former President Joe Biden, who has been out of office for just shy of three months, does not have an official portrait yet.

A former White House official told NBC News that tradition dictates that the portraits hanging in this spot — next to the East Room in the foyer after walking into the White House — are of the most recent presidents, but that is not a hard and fast rule. The president can direct the curator to move things around, and noted that during his first term, Trump moved the portraits of former Presidents Bill Clinton and George W. Bush.

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From 11 Apr 2025 21.08 BST US stock markets close in a rally After a tumultuous week, US stock markets just closed for the week on a high note. The Dow went up 600 points today, while the S&P 500 and Nasdaq Composite were up 1.8% and 2%, respectively. Over this week, all three indexes rose substantially, largely after Donald Trump paused many of his tariffs. This week: The Dow went up 6%, or over 2,300 points.

The S&P 500 jumped 8.2%.

The tech-heavy Nasdaq topped 11.6%. It’s a huge rally after volatile drops in the market, but it’s unclear how long the upswings will last, particularly because the markets have proven so sensitive to the uncertainty around Trump’s policies. Share

11 Apr 2025 21.14 BST Summary Here’s a quick overview of everything that’s happened today: Stock markets around the world continued to climb after Donald Trump delayed the harshest of his tariffs. The tech-heavy Nasdaq Composite index closed over 11% up for the week after a rollercoaster week.

But there are many new indicators that the US economy remains on shaky ground: the US dollar index slipped to a three-year low, US treasury yield climbed up and consumer expectations on inflation rose to its highest level in four decades.

China announced that it is placing a 125% tariff on American imports, in retaliation for the 145% tariff Trump placed on Chinese imports.

The White House said that there is “great optimism in this economy”, despite the volatility seen in the stock market and said that Trump’s tariffs are a “proven economic formula” that will bring countries to the negotiation table. Share

11 Apr 2025 21.08 BST US stock markets close in a rally After a tumultuous week, US stock markets just closed for the week on a high note. The Dow went up 600 points today, while the S&P 500 and Nasdaq Composite were up 1.8% and 2%, respectively. Over this week, all three indexes rose substantially, largely after Donald Trump paused many of his tariffs. This week: The Dow went up 6%, or over 2,300 points.

The S&P 500 jumped 8.2%.

The tech-heavy Nasdaq topped 11.6%. It’s a huge rally after volatile drops in the market, but it’s unclear how long the upswings will last, particularly because the markets have proven so sensitive to the uncertainty around Trump’s policies. Share

11 Apr 2025 20.54 BST Some small businesses are expressing their frustrations over Donald Trump’s tariffs by adding a tariff surcharge onto their products, to make clear that the price increases they’re seeing are due to Donald Trump’s tariffs. “We think transparency is the way to go here and I am giving Trump full credit his decision to add this tariff to all US consumers,” wrote Ryan Babenzian, the CEO of Jolie Skin Co, which sells shower heads that filters water, on Linkedin. The company will add a “Trump Liberation Tariff” charge onto their products next week. It’s reminiscent of when restaurants, in the middle of the Covid-19 pandemic, added surcharges to bills to offset costs used to manage the virus. “Given all the uncertainty around tariffs and worries about when and by how much prices will go up, shoppers could welcome the transparency of line item tariff surcharges, and they’ll become normalized as more brands adopt them,” Sky Canaves, an analyst at EMarketer, Inc, told Bloomberg. Share

11 Apr 2025 20.30 BST US Customs and Border Control (CBP) is the federal agency responsible for collecting tariffs when imported goods arrive at the US border. But importers say that a glitch in the system has meant that they have not started paying tariffs yet, despite Donald Trump saying that the tariffs, particularly the 145% tariffs on China, are already in place. According to CNBC, the glitch comes from CBP currently not being able to tell which ships are exempted from the tariffs, because they were “on the water” before the tariffs went into effect, and those that were shipped out after the tariffs. “Social media posts are not law,” Jarred Varaelli, a vice president at Savino Del Bene, a logistics firm. “With the constant changes to the regulations, all customs brokers in our industry have a difficult task ahead of them.” CBP told CNBC that they will issue an update once the issue is resolved, which means the agency is likely still working out exactly how to carry out the tariffs that are still in place. Share

11 Apr 2025 20.04 BST Boston Federal Reserve CEO Susan Collins, and a member of the Fed’s Federal Open Market Committee (FOMC) which sets interest rates, told the Financial Times that the Fed “would absolutely be prepared” to stabilize the economy amid volatility. “We have had to deploy, quite quickly, various tools,” she said. “We would absolutely be prepared to do that as needed.” But while the Fed would typically cut interest rates, making borrowing money cheaper and encouraging economic activity, to deal with large fluctuations in the market, Collins said that emergency rate cuts are likely not in the Fed’s future because of the risk of higher inflation. Collins said that it’s likely that inflation could push above 3% this year. Yesterday, inflation in March was revealed to be 2.4%, a 0.4% drop from February. Share

11 Apr 2025 19.29 BST Let’s dive in for a second into the University of Michigan consumer sentiment survey that was released today. Typically, the survey is released at the end of each month, but a special report was released to capture sentiment around Donald Trump’s trade war escalations. And things aren’t looking so good. Consumer sentiment has been falling for the last four months, dropping 30% since December 2024. The number of consumers who expect unemployment to rise over the next year is the highest it’s been since the 2008 recession. And inflation expectations for the year ahead soared in a matter of weeks: from 5% in March to 6.7% by early April. “Consumers report multiple warning signs that raise the risk of recession: expectations for business conditions, personal finances, incomes, inflation and labor markets all continued to deteriorate this month,” said survey director Joanne Hsu in a statement. For context, inflation expectations in April last year was 3.2%, and consumer sentiment was measured at 77.2, compared to 50.8 at the beginning of this month. It will be interesting to see how this drop in consumer sentiment will relate to voter sentiment in the future. Trump’s approval ratings have dropped across the board since his “liberation day” tariff announcement April 2, but only time can tell whether consumer and voter sentiments will rise after Trump’s pause on the reciprocal tariffs. Share

11 Apr 2025 19.08 BST What’s happening with the US treasury bond market is a pretty big deal. Treasury bond yields rose on Friday, a sign of further instability in what’s supposed to be a very safe financial asset to hold. The benchmark is the 10-year treasury bond, the yield of which rose to 4.6% today, over half a percentage point since last week. This is a big deal because the yield on treasury bonds are closely tied with the cost of other loans, like mortgages or car loans. So if the yield rises, loans like mortgages are likely to go up as well. That overall leads to a contractionary economic environment – less people are buying homes and investing money in general. Yield rates also point to inflation expectations. Bloomberg says this is the largest surge in the yield rate since the 1980s, when inflation peaked to 14%. Minneapolis Federal Reserve president Neel Kashkari explained it to CNBC on Friday: “If the trade deficit is going down, it could be that investors are saying, ‘Okay, America no longer is the most attractive place in the world to invest’, and then you would expect to see bond yields go up.” So the fact that bond yields are going up – and the dollar is depreciating, and the stock market is making historical fluctuations – points to some serious instability in the economy. What are bonds and why have they spooked Donald Trump? Read more Share

11 Apr 2025 18.47 BST White House press secretary: ‘Great optimism in this economy’ The White House held its daily press briefing this afternoon, fielding questions about tariffs and the economy. The overall sentiment: “There is great optimism in this economy”. “This is a proven economic formula,” press secretary Karoline Leavitt said. It’s a line the White House continues to repeat even as volatility in the stock market appears to have rattled investors. Answering a question about US bonds, which is supposed to be one of the world’s most stable assets, and how they’re decreasing in value, Leavitt said that treasury secretary Scott Bessent is “keeping a very close eye on the bond market”. Leavitt maintained that Trump’s tariff negotiations have so far been a success, saying that “15 offers are on the table” and the White House has heard from over 75 countries over deals. Even when it comes to China, which slapped a 125% tariff on American exports, Leavitt said that Trump is “optimistic”, though could not give any details on how a deal with China could be made. Share Updated at 18.48 BST

11 Apr 2025 18.22 BST US stocks pick up during midday trading US stocks are picking up as we enter midday trading: The Dow is up 400 points.

The S&P 500 is up 1.2%

Nasdaq is up 1.3% It’s unclear if this upswing will last into this afternoon. It’s a slight turnaround from this morning, as stocks went down on news that consumer sentiment and inflation expectations cratered in April. The University of Michigan just released the results of a new consumer sentiment survey that shows consumers in April expect the inflation rate to climb to 6.7% – the highest expected level in over four decades. Falling consumer sentiment is a bad sign for the economy, as it typically means that people will be spending less, especially if they anticipate prices climbing, which could slow down the overall economy. Share Updated at 18.27 BST

11 Apr 2025 17.52 BST Phillip Inman Donald Trump’s tariff war has spooked stock markets and heightened fears of a recession in the US and Europe. But neither factor appears to have been what motivated the president’s sudden volte face this week, when he paused most of his “liberation day” border taxes for 90 days. The fact Trump could not ignore was a mass sell-off by investors of US government bonds. But what exactly are bonds, how are they traded – and why are they so central to the current crisis? What are bonds and why have they spooked Donald Trump? Read more Share

11 Apr 2025 17.38 BST Ministers should focus on rebuilding bridges with the EU, UK Labour politicians have said after a senior adviser to Donald Trump downplayed the prospect of a breakthrough with the US. MPs said the government should “prioritise our trading relationship with the EU” and “get a sugar-rush of growth” instead of banking on the prospect of preferential treatment from Washington. Trump imposed 10% tariffs on all UK exports this month, with several other markets, including the EU, facing steeper rates. After financial markets plummeted, the US president announced a temporary reprieve on Wednesday, slashing tariffs on almost all other countries to his baseline of 10%. Car, steel and aluminium imports continue to face a higher tariff of 25%. The government is in advanced negotiations with the US over a trade deal to secure more favourable arrangements for the UK. However Kevin Hassett, an economic adviser to Trump, told CNBC on Thursday that any deal that would persuade the president to go below 10% would need to be “extraordinary”. Asked if she was losing confidence in the prospect of a US trade deal, Rachel Reeves told reporters on Friday that “we continue to engage with our counterparts in the United States”. Labour MPs urge ministers to focus on rebuilding trading relationship with EU Read more Share Updated at 17.42 BST

11 Apr 2025 16.53 BST Marina Dunbar Several senior Senate Democrats have written a letter asking the Securities and Exchange Commission (SEC) to investigate whether Donald Trump violated securities laws and engaged in insider trading and market manipulation while switching course on his global tariffs. “We urge the SEC to investigate whether the tariff announcements, which caused the market crash and subsequent partial recovery, enriched administration insiders and friends at the expense of the American public and whether any insiders, including the president’s family, had prior knowledge of the tariff pause that they abused to make stock trades ahead of the president’s announcement,” said the letter, led by Massachusetts senator and former presidential candidate Elizabeth Warren. Early Wednesday, Trump announced on social media: “THIS IS A GREAT TIME TO BUY!!!” The post was written at a time of severely volatile market trends and US indices down. Hours after his post, the US president abruptly announced a 90-day pause on many tariffs. The move sent the US’s S&P 500 back up several percentage points in just minutes. Wednesday ended up marking the best day for the S&P 500 since the recovery from the 2008 financial crisis. The letter was also signed by Senate minority leader Chuck Schumer, finance committee ranking member Ron Wyden, the Arizona senators Mark Kelly and Ruben Gallego, and California’s Adam Schiff. Democrats call for insider trading investigation over Trump’s tariff pause Read more Share

After Donald Trump imposed 125 per cent tariff on Chinese goods, Beijing announced ‘countermeasures’ and said that it would not bow down to the ‘tax blackmail’ by the US administration. (AP photo)

Trump Tariffs News: US stocks plummeted on Thursday, with the S&P 500 down 2.1% and the Nasdaq Composite index falling 2.7%, as investors weighed the impact of new US-China tariffs on the tech sector. The trade tensions escalated after President Trump raised duties on Chinese imports to 125%, prompting Beijing to retaliate with 84% tariffs, effective Thursday. This move marked a significant increase in the ongoing trade war, with President Trump having raised tariffs on Chinese goods by a total of 145% since taking office. The worsening trade war led to a 4% drop in US stocks in early afternoon trading.

This live blog is now closed. Our coverage has now moved here.

Asian Markets roar: Asian markets rallied sharply on Thursday, mirroring Wall Street’s gains of Wednesday after President Trump paused most of his global tariffs. Japan’s Nikkei surged 9.1%, South Korea’s Kospi jumped 6.6%, and Taiwan’s composite index rebounded 9.25%, while Hong Kong’s Hang Seng gained 2%. Key Chinese indices also edged higher, though investor focus remains on Beijing’s response, as Trump not only excluded China from the tariff pause but raised duties on Chinese exports to 125%. This followed Beijing’s retaliatory move imposing 84% tariffs on US goods, escalating tensions even as markets celebrated the temporary reprieve. European markets are also on track for one of their best sessions since 2020, as investors react to last night’s u-turn from Trump.In London, the FTSE 100 is currently up 307 points, or 4%, at 7985 points, which could be its best day since November 2020. Markets Skyrocket: The US stock market rallied sharply on Wednesday (April 9), reversing earlier jitters driven by President Donald Trump’s escalating trade war. As of early morning IST, the Dow Jones was up 2,962.97 points, or 7.87%, at 40,608.56. The Nasdaq Composite soared 1,867.06 points, or 12.16%, to 17,124.97, while the S&P 500 climbed 474.93 points, or 9.53%, to 5,456.20. The rally came after Trump announced 90-day tariff pause for all countries except for China. Huge swings have become routine for financial markets worldwide recently, not just day to day but hour to hour, as investors struggle to game out what Trump’s trade war will do to the economy.

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U.S. President Donald Trump’s new tariff rates of up to 41% on U.S. imports from dozens of countries have drawn expressions of relief from some countries that negotiated a deal or managed to whittle them down from rates announced in April

Trump’s new tariffs give some countries a break, while shares and US dollar sink

Cranes and shipping containers are seen at a port in Pyeongtaek, South Korea, Friday, Aug. 1, 2025. (AP Photo/Ahn Young-joon)

Cranes and shipping containers are seen at a port in Pyeongtaek, South Korea, Friday, Aug. 1, 2025. (AP Photo/Ahn Young-joon)

Cranes and shipping containers are seen at a port in Pyeongtaek, South Korea, Friday, Aug. 1, 2025. (AP Photo/Ahn Young-joon)

Cranes and shipping containers are seen at a port in Pyeongtaek, South Korea, Friday, Aug. 1, 2025. (AP Photo/Ahn Young-joon)

BANGKOK — U.S. President Donald Trump’s new tariff rates of up to 41% on U.S. imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others expressed disappointment or frustration over running out of time after hitting Trump’s Aug. 1 deadline for striking deals with America’s trading partners.

The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the U.S., is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he’ll extend an Aug. 12 pause on painfully high import duties on Chinese products.

The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.

Canadian Prime Minister Mark Carney said his government was disappointed by Trump’s move to raise the U.S. tariff on goods from America’s northern neighbor to 35% from 25%, effective Friday. Goods transshipped from unspecified other countries face a 40% import duty.

Trump cited what he said was a lack of cooperation in stemming trafficking in illicit drugs across the northern border. He also slammed Canada’s plan to recognize a Palestinian state and has expressed frustration with a trade deficit largely fueled by U.S. oil purchases.

“Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes,” Carney said in a statement.

Many of Canada’s exports to the U.S. are covered by the U.S.-Mexico-Canada Agreement and face no tariff. But steel, lumber, aluminum and autos have been subject to still higher tariffs.

Switzerland was reeling after Trump ordered a 39% tariff rate for the land of luxury watches, pharmaceuticals and financial services. That was up from his original proposal of a 31% duty.

“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the U.S. intends to impose unilateral additional tariffs on imports from Switzerland,” the government said in a post on X. It said it would continue to seek a negotiated solution.

New Zealand officials said Friday they would keep lobbying Trump to cut the 15% tariff he announced for their country’s exports to the U.S., up from the original 10% baseline set in April.

“We don’t think this is a good thing. We don’t think it’s warranted,” Trade Minister Todd McClay told Radio New Zealand. The exporter of meat, dairy, wine and farm machinery ran a $1.1 billion trade surplus with the U.S. in 2024, according to U.S. Trade Representative data.

McClay said New Zealand exporters had reported they could absorb a 10% tariff or pass it on to U.S. consumers through increased costs. A further increase would “change the equation,” he said.

Neither New Zealand nor its neighbor Australia have struck tariff deals with the Trump administration. Australian steel and aluminum exports have faced a steep 50% tariff since June.

Australian Trade Minister Don Farrell said the 10% overall tariff on Australia’s exports to the United States was a vindication of his government’s “cool and calm negotiations.” But he said even that level was not justified. The U.S. exports twice as much to Australia as it imports from its bilateral free trade partner, and Australia imposes no tariffs on U.S. exports.

Objecting to a 15% tariff rate, Norwegian Prime Minister Jonas Gahr Støre told the newspaper VG the Scandinavian country should have “zero tariffs.” He said talks were continuing.

Japanese Chief Cabinet Secretary Yoshimasa Hayashi was cautious in welcoming Trump’s executive order setting Japan’s tariff at 15% after the two sides worked out an agreement, much to Tokyo’s relief.

“We believe it is necessary to carefully examine the details of the measure,” Hayashi said. “The Japanese government will continue to urge the U.S. side to promptly implement measures to carry out the recent agreement, including reducing tariffs on automobiles and auto parts.”

Taiwan’s President Lai Ching-te said the self-ruled island had yet to engage in final negotiations with the U.S. side owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks.

The Trump administration lowered its tariff for Taiwan to 20% from the originally proposed 32%. Taiwan is a key supplier of advanced semiconductors needed for many products and technologies.

“20% from the beginning has not been our goal, we hope that in further negotiations we will get a more beneficial and more reasonable tax rate,” Lai told reporters in Taipei Friday.

The U.S. is Taiwan’s largest ally even though it does not formally recognize the island. “We want to strengthen U.S. Taiwan cooperation in national security, tech, and multiple areas,” Lai said.

Cambodia’s Deputy Prime Minister Sun Chanthol, who led his nation’s trade talks with the United States, thanked Trump for setting the tariff rate on Cambodian goods at 19% and said his country will impose zero tariffs on American goods.

The rate for Cambodia that Trump proposed in April was 49%, one of the highest in the world. He said the U.S. estimated average Cambodian tariffs on U.S. exports at 97%.

Cambodia has agreed to up purchases of U.S. goods. Sun said it would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages.

Trump had threatened to withhold trade deals from Cambodia and Thailand if they didn’t end an armed conflict over border territory. The two nations agreed on a ceasefire that began Tuesday.

Thailand also is subject to a 19% tariff, a rate that its Finance Minister Pichai Chunhavajira said “reflects the strong friendship and close partnership between Thailand and the United States.” That was down from 36% proposed earlier.

“The outcome of this negotiation signals that Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges ahead,” he said.

Pakistan welcomed a trade deal that sets a 19% duty on its exports, lower than the initial plan for 29%, saying in a government statement that it was a “balanced and forward-looking approach” that could boost trade and economic growth.

For Bangladesh, a new 20% tariff warded off an earlier threat of a 35% import duty for the South Asian exporter of garments and other light manufactured goods. “That’s good news for our apparel sector and the millions who depend on it,” said Khalilur Rahman, the country’s national security advisor and lead negotiator.

“We’ve also preserved our global competitiveness and opened up new opportunities to access the world’s largest consumer market” Rahman said. “Protecting our apparel industry was a top priority, but we also focused our purchase commitments on U.S. agricultural products. This supports our food security goals and fosters goodwill with U.S. farming states.”

___

AP journalists from around the world contributed to this report.

The order was issued shortly after 7 p.m. on Thursday. It came after a flurry of tariff-related activity in the last several days, as the White House announced agreements with various nations and blocs ahead of the president’s self-imposed Friday deadline. The tariffs are being implemented at a later date in order for the rates schedule to be harmonized, according to a senior administration official who spoke to reporters on a call on the condition of anonymity. Follow along live.

President Trump on Thursday signed an executive order that set new tariffs on a wide swath of US trading partners to go into effect on Aug. 7 — the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades.

pinned Other tariff news we’re following: Link copied Questions swirl around the tariffs despite Trump’s eagerness: As the clock ticked toward Trump’s self-imposed deadline, few things seemed to be settled other than the president’s determination to levy the taxes he has talked about for decades. The very legality of the tariffs remains an open question as a US appeals court on Thursday heard arguments on whether Trump had exceeded his authority by declaring an “emergency” under a 1977 law to charge the tariffs, allowing him to avoid congressional approval.

Dozens of countries with no deals face new tariffs as trade deadline looms: Some of the United States’ biggest trading partners have reached agreements, or at least the outlines of one, including the European Union, the United Kingdom, and Japan. Even so, those countries face much higher tariffs than were in effect before Trump took office. And other large trading partners — most notably China and Mexico — received an extension to keep negotiating, but they will likely end up paying more.

Trump orders a 35% tariff for goods from Canada, citing a lack of cooperation on illicit drugs: Trump has raised the tariff rate on US imports from Canada to 35% from 25%, effective Friday. The announcement from the White House late Thursday said Canada had failed to “do more to arrest, seize, detain or otherwise intercept … traffickers, criminals at large, and illicit drugs.”

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Swiss pharmaceutical Roche says medications should be exempt from tariffs — 9:02a.m. Link copied

By the Associated Press

Swiss pharmaceuticals powerhouse Roche says it is working to ensure its patients and customers around the world have access to medications and diagnostics amid the Trump tariff war.

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“While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation, we are prepared for potential tariffs being implemented and confident in managing any impacts,” the statement said. “With strengthened U.S. production capacity and proactive measures like inventory adjustments and tech transfer, we are working to ensure uninterrupted access to our products.”

The company announced plans in April to invest $50 billion in the United States over the next five years, creating 12,000 jobs. The company already employs more than 25,000 people in the US.

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The new tariffs build off ones announced in the spring — 9:00 a.m. Link copied

By the Associated Press

Trump initially imposed the Friday deadline after his previous “Liberation Day” tariffs in April resulted in a stock market panic. His unusually high tariff rates then led to recession fears, prompting Trump to impose a 90-day negotiating period. When he was unable to create enough trade deals with other countries, he extended the timeline and sent out letters to world leaders that simply listed rates, prompting a slew of hasty agreements.

Swiss imports will now be taxed at a higher rate, 39%, than the 31% Trump threatened in April, while Liechtenstein saw its rate slashed from 37% to 15%. Countries not listed in the Thursday night order would be charged a baseline 10% tariff.

Trump negotiated trade frameworks over the past few weeks with the EU, Japan, South Korea, Indonesia and the Philippines — allowing the president to claim victories as other nations sought to limit his threat of charging even higher tariff rates. He said on Thursday there were agreements with other countries, but he declined to name them.

Which countries have a trade agreement? — 8:58 a.m. Link copied

By the Associated Press

In a flurry of last-minute deal-making, Trump has been announcing agreements as late as Thursday, but they are largely short on details.

On Thursday, the US and Pakistan reached a trade agreement expected to allow Washington to help develop Pakistan’s largely untapped oil reserves and lower tariffs for the South Asian country.

And on Wednesday, Trump announced a deal with South Korea that would impose 15% tariffs on goods from that country. That is below the 25% duties that Trump threatened in April.

Agreements have also been reached with the European Union, Pakistan, Indonesia, Vietnam, the Philippines, and the United Kingdom. The agreement with the Philippines barely reduced the tariff it will pay, from 20% to 19%.

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Will the deadline hold this time? — 8:57 a.m. Link copied

By the Associated Press

Trump’s original April 2 “Liberation Day” announcement threatened to impose import taxes of up to 50% on nearly 60 countries and economies, including the 27-nation European Union. Those duties, originally scheduled for April 9, were then postponed twice, first to July 9 and then Aug. 1.

On Wednesday, Trump said on his social media platform Truth Social, “THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED.”

As of Thursday afternoon, White House representatives — and Trump himself — had insisted that no more delays were possible.

But when Trump signed the order Thursday night imposing new tariffs on 68 countries and the European Union, the start date of the punishing import taxes was pushed back seven days so that the tariff schedule could be updated. The change — while potentially welcome news to countries that had not yet reached a deal with the US — injected a new dose of uncertainty for consumers and businesses still wondering what’s going to happen and when.

Dozens of countries with no deals face new tariffs as trade deadline looms — 8:41 a.m. Link copied

By the Associated Press

Numerous countries around the world are facing the prospect of new tariffs on their exports to the United States on Aug. 7, a potential blow to the global economy, because they haven’t yet reached a trade deal with the Trump administration.

Trump intends the duties to bring back manufacturing to the United States, while also forcing other countries to reduce their trade barriers to US exports. Trump argues that foreign exporters will pay the cost of the tariffs, but so far economists have found that most are being paid by US companies. And measures of US inflation have started to tick higher as prices of imported goods, such as furniture, appliances, and toys rise.

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Countries without an agreement face duties ranging between 10% and 40%, according to Trump’s executive order signed on Thursday. That includes large economies such as Taiwan and India, as well as many smaller countries like South Africa, Sri Lanka, Bangladesh, and even tiny Lesotho.

Trump injects new dose of uncertainty in tariffs as he pushes start date back to Aug. 7 — 8:37 a.m. Link copied

By the Associated Press

Trump has been promising the world economy would change on Friday with his new tariffs in place.

But when Trump signed the order Thursday night imposing new tariffs, the start date of the punishing import taxes was pushed back seven days so that the tariff schedule could be updated. The change injected a new dose of uncertainty for consumers and businesses still wondering what’s going to happen and when.

Trump has promised that his tax hikes on the nearly $3 trillion in goods imported to the US will usher in newfound wealth, launch a cavalcade of new factory jobs, reduce the budget deficits and, simply, get other countries to treat America with more respect.

The vast tariffs risk jeopardizing America’s global standing as allies feel forced into unfriendly deals. As taxes on the raw materials used by US factories and basic goods, the tariffs also threaten to create new inflationary pressures and hamper economic growth — concerns the Trump White House has dismissed.

Trump’s new tariffs give some countries a break, while shares and US dollar sink — 8:29 a.m. Link copied

By the Associated Press

Trump’s new tariff rates of up to 41% on US imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others expressed disappointment or frustration over running out of time after hitting Trump’s Aug. 1 deadline for striking deals with America’s trading partners.

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The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the US, is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he’ll extend an Aug. 12 pause on painfully high import duties on Chinese products.

The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The US dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.

FBI director says a new office in New Zealand will counter China’s sway, provoking Beijing’s ire — 4:58 a.m. Link copied

By the Associated Press

FBI Director Kash Patel provoked diplomatic discomfort in New Zealand by suggesting the opening of a new office in the capital aims to counter China’s influence, drawing polite dismissals from Wellington and ire from Beijing.

Patel was in Wellington on Thursday to open the FBI’s first standalone office in New Zealand and to meet senior officials. The arrangement aligns New Zealand with FBI missions in other Five Eyes intelligence-sharing nations, which also include the United States, Australia, Canada, and the United Kingdom.

FBI Director Kash Patel cuts the ribbon at the official opening of the FBI office in Wellington, New Zealand, on July 31. Ola Thorsen/Associated Press

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Trump’s new tariffs give some countries a break, while shares and US dollar sink — 4:29 a.m. Link copied

By the Associated Press

President Trump’s new tariff rates of up to 41 percent on US imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others expressed disappointment or frustration over running out of time after hitting Trump’s Aug. 1 deadline for striking deals with America’s trading partners.

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The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the US, is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he’ll extend an Aug. 12 pause on painfully high import duties on Chinese products.

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Trump gives Mexico a reprieve but slams Canada with higher tariffs — 2:44 a.m. Link copied

By the Associated Press

As President Trump rolled out his latest round of tariffs Thursday, he fell again into what has become a familiar, if surprising, pattern — favoring Mexico and stiffing Canada.

Even as he announced sweeping tariffs for much of the world, Trump offered Mexico a 90-day reprieve, pending further negotiations. Then for Canada, America’s largest export market, he raised general tariffs to 35 percent from 25 percent.

Even worse for Canada, its new rate went into effect shortly after midnight, while new tariffs against other nations will take effect in a week.

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Trump sharpens sanctions threat on Russia, while admitting it may not work — 12:21 a.m. Link copied

By The New York Times

President Trump on Thursday sharpened his threat to impose sanctions on Russia over its war in Ukraine, even while acknowledging that the weapon he once argued worked on everyone — the threat of financial ruin — may have no effect on President Vladimir Putin.

“We’re going to put sanctions,” he said, even though a deadline he gave Moscow this week to seriously engage on a ceasefire had not yet passed. “Russia? I think it’s disgusting what they’re doing,” he said, apparently referring to its continued bombing of Ukraine.

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