Overview

• On August 7, President Trump’s reciprocal tariffs of 10% to 50% took effect, targeting countries with large trade deficits or significant Russian oil imports.
• Major U.S. retailers including Walmart, Amazon, Target and Gap have paused orders from Indian textile exporters ahead of a planned increase to a 50% duty at the end of August.
• India has publicly denied reports that it halted planned U.S. defense acquisitions and has defended its strategic purchase of discounted Russian oil, even as it schedules a visit to China.
• Switzerland’s president and economy minister traveled to Washington for emergency talks to lower a 39% tariff but returned without a deal and will continue negotiations.
• Argentina secured the lowest 10% base rate under the new regime and has opened discussions with Washington on exemptions for key export products.