Trump tariffs live updates: Countries rush to make deals to avoid new levies as world economy braces for impact – UK Times

The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50 percent. However, three weeks would allow India and Russia the opportunity to negotiate with the US administration on the import taxes.

Experts say this marks a low point in US-India relations, which could harm the gains the two sides have worked hard to build over the past few years.

Alisha Rahaman Sarkar reports.

President Donald Trump has called for the immediate resignation of Intel’s new chief executive, Lip-Bu Tan, labelling him “highly conflicted” due to his alleged ties to Chinese firms. The demand raises significant questions about the future direction of the struggling American chip giant.

Writing on Truth Social on Thursday morning, Trump stated: “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”

The controversy follows an exclusive Reuters report in April, which revealed that Tan, either personally or through venture funds he founded or operates, had invested at least $200 million (£158 million) in hundreds of Chinese advanced manufacturing and chip companies. Some of these firms are reportedly linked to the Chinese military.

Trump’s comments came a day after Reuters first reported that Republican Senator Tom Cotton had written to Intel’s board chair, seeking answers regarding Tan’s connections to Chinese entities and a recent criminal case involving his former firm, Cadence Design.

The outspoken demand from Trump, reiterating “There is no other solution to this problem,” sent shares of Intel down by approximately 2 percent in early trading on Wall Street.

A change in leadership at Intel could intensify pressure on the company, which is a cornerstone of US efforts to bolster domestic chipmaking. Last year, Intel secured $8 billion (£6.3 billion) in subsidies, the largest allocation under the 2022 CHIPS and Science Act, to establish new fabrication plants in Ohio and other states.

With reporting from Reuters

Switzerland has vowed to continue negotiations with the United States after the implementation of a 39 percent import levy on Swiss goods, a measure that threatens to severely impact the nation’s export-driven economy.

The substantial tariff, among the highest imposed under Donald Trump’s global trade reset, took effect at midnight Washington time, following an unsuccessful eleventh-hour attempt by Swiss officials to secure a more favorable agreement. This levy is poised to significantly restrict the small alpine nation’s access to the US market, a crucial destination for high-value exports such as watches from Swatch, Rolex, and Patek Philippe, alongside premium cheeses and chocolates. While the US is also the largest market for Swiss pharmaceuticals, valued at $35 billion last year from companies like Roche and Novartis, these exports are not currently subject to the 39 percent rate.

“For the affected sectors, companies, and their employees, this is an extraordinarily difficult situation,” stated Swiss President Karin Keller-Sutter to reporters after an urgent meeting of the seven-member Federal Council, Switzerland’s governing cabinet.

Keller-Sutter’s recent trip to Washington concluded without a deal, during which she reportedly did not meet with Trump or any of his senior trade representatives. Her proposal for a 10 percent tariff rate was rejected by U.S. officials.

Despite the setback, Swiss lawmaker Damien Cottier, chairman of the Swiss-U.S. parliamentary association, expressed optimism. “We have seen in other cases that President Trump’s positions can evolve,” he said. “We must continue to negotiate and argue our case, which is a good one.”

With reporting from Reuters

Although India has been one of Washington’s key strategic partners in countering China’s dominance in the Asia-Pacific region, experts warn that the latest wave of U.S. tariffs could prompt Delhi and Beijing to seek closer ties, as Alisha Rahaman Sarkar reports.

President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age.

“We’ll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said in the Oval Office while meeting with Apple CEO Tim Cook. “But if you’re building in the United States of America, there’s no charge.”

The announcement came more than three months after Trump temporarily exempted most electronics from his administration’s most onerous tariffs.

President Donald Trump’s long-awaited tariffs on goods imported into the U.S. are now officially and fully in effect, more than four months after his “Liberation Day” announcement on April 2.

Rates ranging from 10% to 50% on dozens of trading partners took effect on Thursday, testing his strategy for reducing U.S. trade deficits without causing major disruptions to global supply chains, higher inflation, or stiff retaliation from trading partners.

U.S. Customs and Border Protection started collecting the higher tariffs at 12:01 a.m. ET after weeks of suspense over Trump’s final tariff rates and frantic negotiations with major trading partners to try to lower them.

Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can qualify for lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April.

Since then, Trump has frequently adjusted his tariff plan, increasing rates for some countries to much higher levels, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada, and 25% from India. On Wednesday, he announced a separate 25% tariff on Indian goods to be enforced in 21 days, related to the South Asian country’s purchases of Russian oil.

Ahead of the deadline, Trump praised the “billions of dollars” that will flow into the U.S., mostly from countries he said had taken advantage of the United States.