Overview

• The U.S. duties introduced August 7 now apply at rates between 15% and 41% across most imports, including one-kilogram gold bars, replacing earlier 10% levies.
• Brussels has formally asked Washington to enshrine sector-specific exemptions for drugs, chips and automobiles and to turn its €1.35 trillion investment intentions into legally binding obligations.
• European stock indexes recorded modest gains as gold prices surged to a record above $3,540 an ounce in response to the expanded tariffs on precious metals.
• Brazil’s President Lula has initiated talks with India’s Narendra Modi and China’s Xi Jinping to coordinate a BRICS group response to the U.S. tariff measures.
• President Trump has signaled possible 100% tariffs on semiconductors made abroad, raising the prospect of further escalation in global trade tensions.