Overview
- The new duties replaced a 10% surtax and took effect at 04:01 GMT on August 7 with rates ranging from 15% to 41%.
- Wall Street’s Dow, S&P 500 and Nasdaq opened higher and Paris’s CAC 40 also gained despite the expanded trade levies.
- Investors now assign about a 95% chance to a Federal Reserve rate cut in September after softer U.S. jobs data and inflation worries.
- The White House announced that firms manufacturing in the United States will be exempt from the new tariffs, prompting Apple to boost its U.S. investment plans by $100 billion.
- President Trump signaled intentions to impose 100% tariffs on chips and semiconductors, creating fresh uncertainty for the tech supply chain.