President Trump said on Tuesday during an official meeting at the White House with members of Congress, that the US and Japan had reached a trade deal.

“I just signed the largest deal in history with Japan,” Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country’s imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance’s Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to “99%” of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters.

The EU still wants a trade deal with the US but is preparing countermeasures as Trump’s hardline stance makes a no-deal outcome more likely, The Wall Street Journal reported.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.

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

1480 updates

Crime and taxes threaten to shutter the great British corner shop, Conservatives have warned. Shadow Chancellor Sir Mel Stride attacked Mayor of London Sadiq Khan for going on a tour of Africa while Labour decisions in the Treasury pushed shopkeepers to the brink of ruin.

He said: “Labour’s £25billion jobs tax alone is seeing jobs cut, wages frozen and investment put on hold. That’s no way to grow the economy.”

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Sir Mel met with shopkeeper Kay Patel, who runs Best-One Global Food & Wine in Wanstead, East London. Mr Patel said he discussed the “financial and emotional impact of theft, as well as rising direct costs like higher National Insurance Contributions and higher business rates bills since April”.

The Shadow Chancellor said: “While Sadiq Khan poses for cameras overseas, businesses in London are crying out for help, as they’re crushed by Labour’s jobs tax, rising crime and red tape. Kay runs a fantastic local business – employing six people and serving his community every single day – but he’s being hammered by Labour’s reckless economic policies and their soft approach to retail crime.

The British Retail Consortium has sounded the alarm about how increased tax and red tape threatens part-time employment in shops. It says “up to 160,000 roles” could be at risk in the next three years.

Andrew Boff, the deputy chairman of the London Assembly, said: “Corner shops are the foundations of our high streets – small businesses that contribute up to five million jobs and £100billion of GDP. To see them struggling under the weight of crushing tax rises and police cuts should be a sign to all of us as to how dire things are becoming.

“The Government needs to stop wrapping businesses up in unnecessary costs and red tape; and the Met Police need to treat shoplifting with the seriousness it warrants.”

Tina McKenzie of the Federation of Small Businesses also expressed concern, saying: “Retailers both on and off our high streets are being worn down by rising [National Insurance contributions] and punishing business rates bills. Add in rising retail crime and the impending Employment Rights Bill, there’s little wonder that confidence amongst small firms is so low.

“It’s key that we see targeted reductions to [small to medium enterprises’] business rates in the Autumn Budget and a big emphasis on high streets, and beyond, in the upcoming small business strategy, which backs entrepreneurs, encourages growth and powers up local economies.”

President Trump said on Tuesday during an official meeting at the White House with members of Congress, that the US and Japan had reached a trade deal.

“I just signed the largest deal in history with Japan,” Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country’s imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance’s Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to “99%” of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters.

The EU still wants a trade deal with the US but is preparing countermeasures as Trump’s hardline stance makes a no-deal outcome more likely, The Wall Street Journal reported.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.

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

1480 updates

Small traders across Karnataka—including those running condiments, bakeries, tea stalls, and cafes—are planning a statewide shutdown on July 25, 2025, protesting against GST demand notices issued by the state’s Commercial Tax Department.

The crackdown follows digital payment data showing UPI and bank transactions exceeding ₹40 lakh, the GST registration threshold. While the department insists notices are sent only to those legally liable, traders complain that the demands are excessive and threaten the survival of small businesses.

The phased protest involves suspending milk and tobacco sales before the full bandh, and has drawn support from various shops, street vendors, and trading associations.

Small Traders at Breaking Point: “Livelihoods Under Threat”

The GST notices have sent shockwaves through more than 65,000 small business owners in Karnataka. Many allege that the tax demands are vastly disproportionate: several shop owners report being asked for lakhs, sometimes crores of rupees, despite having total assets worth far less.

“We’ve been a neighbourhood bakery for decades, working on thin margins. The tax department now says we owe ₹39 lakh in GST, which would destroy us,” said Sudhakar Shetty, a shopkeeper from Bengaluru. Associations representing bakeries, tea shops, and petty traders are spearheading the protest in multiple phases—first by stopping milk and milk product sales (23–24 July), then halting gutka and cigarette sales, before closing shops altogether on July 25.

Families and community members are expected to gather at Freedom Park, with large-scale peaceful protests and rallies planned across the state.

Tax Crackdown Sparks Digital Payment Backlash and Political Outcry

Authorities say the crackdown follows an analysis of UPI and other digital receipts from FY 2021-22 to 2024-25, revealing unregistered businesses with annual receipts beyond ₹40 lakh—the threshold that mandates GST registration. Vipul Bansal, Commissioner of Commercial Taxes, stated, “We are only following the law. If traders fall under exempted categories or composition schemes, they can clarify with documents.”

However, many businesses say the department has not considered turnovers involving exempted goods or collective accounts for multiple shop branches. In a worrying trend, some shopkeepers have started refusing UPI and digital payments, pushing customers back to cash, which risks reversing the digital adoption India achieved after the pandemic.

Political leaders from both ruling and opposition parties have weighed in—some calling for dialogue and relief for genuine small businesses, while others demand strict enforcement to curb tax evasion.

Background: Nationwide Implications and the Road Ahead

This confrontation is rooted in India’s larger push for digital payments, which surged during and after the COVID-19 pandemic. Small traders embraced UPI and QR payments, believing them to be safe and transparent. However, the use of digital trails for retrospective tax scrutiny—often without accounting for cash-flow fluctuations or exempt goods—has left businesses feeling betrayed by a system they helped strengthen.

The Karnataka bandh could serve as a model for similar protests in other states, with small business federations across India watching closely. The state tax department has warned that if dues go unpaid, it may freeze bank accounts or begin recovery proceedings, further raising the stakes as the shutdown date nears.

The Logical Indian’s Perspective

Robust tax systems are the foundation of a fair and just society, but they must not come at the cost of destroying the small businesses that form India’s economic backbone. At The Logical Indian, we believe every policy should blend compliance with empathy, ensuring that honest traders are not pushed into ruin.

As Karnataka stands at this crossroads—balancing digital modernisation, tax compliance, and social justice—we call for open, transparent dialogue between the government and trade bodies. How do you think India can encourage responsible taxation while supporting small businesses and protecting the digital progress we’ve made?

11 Mar 2025 21.33 GMT With today’s additional decline, the S&P is very close to correction territory— that is, down 10% from its recent high of just three weeks ago. The Nasdaq got there last week.

The longer this selloff continues, the more economists will worry about “negative wealth effects”… pic.twitter.com/AcI1JXCLLt — Mohamed A. El-Erian (@elerianm) March 11, 2025 Share

11 Mar 2025 19.04 GMT A late development: Ontario has agreed to suspend its 25% electricity surchange on the US, following Donald Trump’s decision to double the tariffs on Canadian metal imports. Premier Doug Ford has posted that he had a productive conversation with US Secretary of Commerce Howard Lutnick about the economic relationship between the United States and Canada. He adds: Secretary Lutnick agreed to officially meet with Premier Ford in Washington on Thursday, March 13 alongside the United States Trade Representative to discuss a renewed USMCA ahead of the April 2 reciprocal tariff deadline. In response, Ontario agreed to suspend its 25 per cent surcharge on exports of electricity to Michigan, New York and Minnesota. Please see a joint statement from United States Secretary of Commerce Howard Lutnick and myself:

Today, United States Secretary of Commerce @howardlutnick and Premier of Ontario Doug Ford had a productive conversation about the economic relationship between the United States… — Doug Ford (@fordnation) March 11, 2025 Share

11 Mar 2025 18.08 GMT Wall Street’s fear index is on the rise today, as investors react to rising trade war anxiety: The VIX, commonly referred to as Wall Street’s fear index, nears 30 as the Canadian-US trading relationship deteriorates further … and in a manner that many would have deemed highly unlikely if not unthinkable just a few months ago.#markets #tariffs pic.twitter.com/s1OzkKLE3G — Mohamed A. El-Erian (@elerianm) March 11, 2025 Share

11 Mar 2025 17.01 GMT European stock markets have also closed in the red, with Gemany’s DAX and the French CAC index both losing 1.3% today. German consumer goods maker Henkel, which makes Persil detergent, fell 10% after forecasting subdued demand in the US this year. Exporters including Daimler Truck (-5.3%), chemicals firm BASF (-4%) and Siemens (-2.3%) were also among the top fallers on the DAX. Share

11 Mar 2025 16.41 GMT FTSE 100 closes at seven-week closing low. Trading is over in London for the day, leaving traders licking their wounds after another day of turmoil fuelled by Donald Trump. The FTSE 100 share index has closed down 104 points at 8,495 points, its lowest closing level since 16 January. The index has now shed over 4% of its value since the start of last week, when the FTSE 100 hit an alltime high over 8,900 points. Stocks had already been lower before Trump jolted the markets by anouncing steeper tariffs on Canadian metal imports, escalating his trade dispute. Share

11 Mar 2025 16.29 GMT Airline Delta’s shares have dropped over 8% today, after it warned yesterday that consumers are pulling back on travel spending. Delta said it now expects revenue to grow between 3% and 4%, less than half its earlier forecast of 7% to 9%. It slashed its forecast for adjusted earnings to 30 cents to 50 cents a share, from an earlier forecast range of 70 cents to $1 a share. Share

11 Mar 2025 16.06 GMT Shares in carmaker Stellantis — which has several manufacturing facilities in Canada — have fallen 5% today. Stellantis’s stock was briefly suspended on the Milan stock exchange, as the fall triggered a circuit-breaker. Share

11 Mar 2025 15.58 GMT Ontario’s Doug Ford warns of ‘Trump recession,’ Ontario premier Doug Ford has taken a swipe at Donald Trump, saying the US president must take the blame if there is a recession. Speaking on CNBC, after Trump announced new 50% tariffs on Canadian steel and aluminium, Ford says: “If we go into a recession, it will be called the Trump recession.” Ford also told CNBC that he would not “hesitate” to shut off electricity exports to the U.S. if Trump continues the trade war. “That’s the last thing I want to do. I want to send more electricity down to the US, to our closest allies or our best neighbors in the world. I want to send more electricity.” But Ford added: “Is it a tool in our tool kit? One hundred percent, and as he continues to hurt Canadian families, Ontario families, I won’t hesitate to do that. That’s the last thing I want to do.” Share Updated at 15.58 GMT

11 Mar 2025 15.49 GMT Tariffs risk creating a triple whammy of inflation, growth and dented confidence, wans Gerard Lyons, chief economic strategist at Netwealth. Lyons explains: “When Trump was elected it was clear that his economic policies contained the good, the bad and the uncertain. The markets initially focused on the good – in terms of his tax and regulatory changes for the US economy. Now the focus is on the bad – namely tariffs. The uncertainty around the execution of these adds to the uncertainty. Tariffs can have a triple whammy, adding to worries about inflation, growth and denting confidence.” Share

11 Mar 2025 15.35 GMT Starmer to avoid immediate counter-tariffs if Trump puts levies on UK steel Julia Kollewe Keir Starmer has said he will not hit back with immediate counter-tariffs if Donald Trump imposes 25% levies on all steel and aluminium imports to the US on Wednesday. The prime minister discussed the issue with Trump in a phone call on Monday and is prepared for the tariffs to be imposed at 4am UK time on 12 March. Starmer to avoid immediate counter-tariffs if Trump puts levies on UK steel Read more Share

11 Mar 2025 15.34 GMT Summers: this is the worst trade policy yet Former US Teasury secretary Larry Summers has condemned Donald Trump’s decision to impose 50% tariffs on Canadian steel and aluminium imports. Writing on X, Summers says: The just announced tariffs on Canadian steel and aluminum are the worst trade policy yet. Increasing the price of key inputs for the US manufacturing industries–who employ 10 million people–is what a U.S. adversary would do. It is a self-inflicted wound to the U.S. economy that we cannot afford, at a moment when recession risks are rising. The just announced tariffs on Canadian steel and aluminum are the worst trade policy yet. Increasing the price of key inputs for the US manufacturing industries–who employ 10 million people–is what a U.S. adversary would do.

It is a self-inflicted wound to the U.S. economy… — Lawrence H. Summers (@LHSummers) March 11, 2025 Yesterday, Summers warned that the chances of a US recession this year are “getting close to 50/50” due to conterproductive economic policies. Share Updated at 15.55 GMT

11 Mar 2025 15.18 GMT Aluminium prices jump Price premiums for aluminium on the physical market in the United States have soared to a record high above $990 a metric ton, Reuters reports. That’s a rapid reaction to Trump’s plan to double planned tariffs on Canadian metal to 50% tomorrow. Share

11 Mar 2025 15.09 GMT Trump’s reactionary trade policies have thwarted hopes of market recovery today, says Kathleen Brooks, research director at XTB: Hopes for a broad-based market recovery on Tuesday have been dashed. US markets had a mixed open, the S&P 500 and the Dow Jones faltered when markets opened, while the Nasdaq initially rallied, led by some tech stocks including Tesla, Netflix and Meta. However, news that President Trump has slapped a further 25% tariff on steel and aluminum imports from Canada has sapped market confidence. Tariffs on these imports are now at 50% and are seemingly in retaliation for Ontario’s decision to impose a 25% tariff on electricity exports to the US. Share