Overview

• Starting October 1, the U.S. will impose import tariffs of 100% on pharmaceuticals, 50% on kitchen and bathroom cabinets, 30% on upholstered furniture, and 25% on heavy trucks.
• Analysts and the Federal Reserve caution that the new import taxes could push inflation higher and weigh on growth, even as clarified tariff levels have reduced policy uncertainty for finance chiefs.
• China confirmed it will no longer seek special treatment as a developing country in new WTO agreements, a shift praised by the organization’s director-general as a step toward reform.
• U.S. Treasury Secretary Scott Bessent said Washington will help President Javier Milei reach Argentina’s October elections, conditioning support on continued “strong economic policies.”
• Argentina’s temporary suspension of grain export taxes hit a $7 billion cap in under three days, with major traders booking most volumes and farm groups protesting, while traders reported Chinese purchases of at least ten soybean cargoes.