EU suspends countermeasures after US deal. Trump: "Without promised investments, 35% tariffs."

Donald Trump will announce the tariff rates on chips and semiconductors next week or shortly thereafter, he said in an interview with CNBC.

President Donald Trump told CNBC that planned tariffs on pharmaceutical products imported into the United States could reach up to 250%. The president said he would initially impose a "small tariff" on pharmaceuticals, but then, within a year or a year and a half, "at most" he would increase the rate to 150% and then to 250%.

Donald Trump reiterates his attack on the head of the Federal Reserve. "Jerome Powell is very political, he's always late" on interest rate cuts. Donald Trump said this in an interview with CNBC, emphasizing that he has several people in mind who could replace Powell as Fed chairman. "I have four names in mind," the president said, mentioning Kevin Warsh, former Fed governor, and Kevin Hassett, current chairman of the President's Council of Economic Advisers, but excluding Treasury Secretary Scott Bessent. "I love him, but he wants to stay at the department," he said.

"The EU has assured us $600 billion to do whatever we want with it," Donald Trump said in an interview with CNBC, warning that if it doesn't arrive, "I will raise tariffs to 35%" on the European Union. "That's the only reason I lowered them to 15%," the president emphasized.

"Regarding the joint intention to create a steel quota system, this too is already happening. President von der Leyen has made it clear that this is what we will do with the United States, and we expect it to be included in the next EU-US joint statement, which we will build on," said European Commission Trade Spokesperson Olof Gill during the daily press briefing.

Regarding the entry into force of Donald Trump's executive order on tariffs, "all I can do is say what we've done on our side. We've reviewed the executive order issued on August 1st. It said the tariffs will take effect in seven days. One plus seven equals eight. If that's unclear, I recommend you check with the US. But our understanding is that the executive order will take effect at 12:10 a.m. on August 8th. So, 6 a.m. Brussels time on August 8th." This was stated by European Commission Trade spokesperson Olof Gill during the daily press briefing. "I believe the text says seven days later," and "that's where our August 8th comes in, but obviously the US authorities will be the ones to apply the tariffs, so I'm in the best position to confirm what their executive order says and means," remarked EU Commission spokesperson Arianna Podestà.

The EU announced the suspension of countermeasures on tariffs on US goods worth €93 billion ($107 billion), after Brussels reached an agreement with Washington last month. "The Commission has today adopted the necessary legal procedures to suspend the implementation of our EU countermeasures, which were due to enter into force on August 7," said EU trade spokesman Olof Gill.

Japanese negotiator Ryosei Akazawa, a key figure in the tariff negotiations, is on a new trip to the United States. "One of the goals of my visit is to urge the president to issue an executive order, as soon as possible, on tariffs on auto parts and auto parts," said Akazawa, who is Minister for Economic Revitalization, ahead of his visit to the United States, where he will remain until Saturday. Despite Donald Trump's executive order on "reciprocal tariffs," setting the tariff rate for Japanese goods at 15% starting next Thursday, "it remains unclear," Kyodo news agency reports, "when reduced tariffs on auto parts and auto parts will be implemented," a key market for the Land of the Rising Sun.

The Kremlin condemned as "illegitimate" Donald Trump's threats to impose additional tariffs on India for its Russian oil imports, stating that "sovereign states must independently choose their partners," according to the Tass news agency.

"We fight for every product and every sector. We're really trying to include as many products as possible in the exemption list," "it's a work in progress," "there are some sectors we agree on, like aircraft, and that will be reflected in the joint statement," "so there are products that will be specifically mentioned in the joint statement, and so we expect to see them effectively at zero tariffs, very, very soon. But the work is ongoing, and not all the products we're interested in seeing on that list will be on the exemption list right away, such as spirits, wines, beer, and many other products like medical devices, chemicals, many critical and strategic products that we believe should benefit from zero-for-zero or zero-per-tariff MFN (most favored nation) tariffs from the United States." A senior EU official made this statement during a briefing with journalists on EU-US trade relations, stressing that "the work continues" and "we hope to see more clarity and further progress as we move forward."

"Tariffs on cars haven't been lowered yet, so they currently still apply at 25% plus 2.5% (most-favored-nation treatment). But we expect that to change very soon," thus reaching the 15% ceiling, as agreed upon in the agreement reached between Trump and von der Leyen in Scotland. A senior EU official made the statement during a briefing with journalists on EU-US trade relations, specifying that the tariff reduction didn't occur with Trump's executive order last Friday because it concerned so-called reciprocal tariffs, and for cars—as with other sectors—there's a different legal basis. "It's a separate tariff measure," he explained, "and so we expect it to take a little longer. But these results should also come very, very soon."

European Trade Commissioner Maros Sefcovic assured that negotiations with the United States on tariffs are continuing. "I am in contact with Secretary Lutnick and Ambassador Greer as we work to implement the July EU-US agreement, in all its elements," he said. "The work continues in a constructive spirit," he assured.

The New York Stock Exchange closed sharply higher. The Dow Jones Industrial Average gained 1.34%, the Nasdaq 1.95%, and the S&P 500 1.47%.

European stocks closed higher, buoyed by expectations of a Federal Reserve interest rate cut in September, and despite the EU-US trade deal being viewed as highly negative. London's FTSE 100 closed up 0.66% at 9,128.30 points, Frankfurt's DAX rose 1.22% to 23,756.74 points, Paris's CAC 40 added 1.14% to 7,632.01 points, while in Milan, the FTSE MIB gained 1.89% to 40,697.38 points, and in Madrid, the IBEX 35 closed up 1.69% to 14,384.50 points.

US President Donald Trump has declared he will substantially increase tariffs on India for its purchases of Russian oil. "India not only buys enormous quantities of Russian oil, but then resells much of that oil on the open market at huge profits. They don't care how many people in Ukraine are killed by the Russian war machine," Trump said in a post on Truth. "For this reason, I will substantially increase the tariff India pays to the United States." He did not specify the tariff.