Trump isn't satisfied. Now there are tariffs on gold too. Italy's response is on exports.

The Trump administration is expanding its use of tariffs to achieve its national security objectives . The Washington Post reports this, citing documents that reveal the far broader scope of the president's tariffs, which are not limited to rebalancing trade but also addressing objectives that go beyond that. In recent weeks, for example, State Department officials have considered asking trading partners to vote against an international initiative aimed at reducing greenhouse gas emissions from ocean-going container ships. Secretary of State Marco Rubio was informed that his officials had sought to "include the issue in ongoing bilateral trade negotiations." As part of the trade negotiations, the possibility of forcing Israel to remove a Chinese company from control of a port was also explored, as well as urging China's neighbors to forge closer defense ties with the United States.

"The extraordinary export plan is working. Diversifying the international markets to which we export our products is the right strategy to counteract the negative effects of American tariffs," Deputy Prime Minister and Foreign Minister Antonio Tajani wrote in X. "In the first half of 2025," Tajani continued, "Italian exports to non-EU countries recorded a 1.3% growth, rising to 2% excluding energy. Exports to the United Arab Emirates, Brazil, Switzerland, Spain, and Saudi Arabia are performing well, results also achieved thanks to our strategic missions. The quality and variety of Made in Italy products are boundless. Exports will continue to drive economic growth. We are continuing towards the goal of €700 billion in annual exports," the Foreign Minister concluded.

With US tariffs, "our companies are not sitting idly by and are working to conquer new global markets outside the US," notes Confartigianato, which calculates: "In 25 'top market' countries in the first four months of 2025, our sales increased by 5.3%, compared to a 2% decline in the remaining international markets." The top five countries for growth in Made in Italy exports include the United Arab Emirates (+20.9%), followed by Brazil (+14%), Switzerland (+13.1%), Spain (+10.6%), and Saudi Arabia (+9.6%). Over the year, if this trend continues, "these 25 markets could generate an increase in exports of €20.4 billion."

Donald Trump 's tariffs have not even spared gold bars, creating confusion in a market that thought it had been exempted from the US administration's crackdown. The immediate reaction was a surge in the precious metal's prices in New York, which soared to a new record high of $3,543 an ounce . Gold is usually exempt from tariffs, given its important role in the global financial system. The White House had also said in April that it would be spared the tariffs. This has caused surprise among traders, especially Switzerland, the world's largest exporter of the precious metal. For Bern, the tariffs on gold are a cold shower, adding to the White House's imposition of a 39% tariff on Swiss products. This decision has thrown the country's politics into chaos.

To try to resolve the impasse with Washington, Switzerland is evaluating all available options, including seeking help from Gianni Infantino, the FIFA president from the Swiss city of Brig, who has a long-standing personal relationship with the tycoon. Trump's decision to also target gold risks having far-reaching consequences on the flow of bullion worldwide. The global market uses futures traded on the Comex exchange to hedge its positions, and this presupposes that the metals can be easily imported into its warehouses in the United States to settle contracts. Tariffs make this process more expensive, and given Switzerland's key role in the sector, the transaction would result in significant cost increases. Hence the recent suggestion of using London for gold transactions: such a move would threaten New York's status as the world's largest gold futures market.

"The tariffs are having a very positive impact on stock markets, with new records almost daily. They're also bringing hundreds of billions of dollars into America's coffers," a triumphant Trump has been reiterating for days. On average, US tariffs stand at 20.1%—according to calculations by the World Trade Organization and the International Monetary Fund—the highest since the 1910s, with the exception of a few weeks in 2025. And while the EU awaits Trump's signature on the joint declaration, Japan has asked Washington to amend the presidential order on tariffs against Tokyo to eliminate the accumulation of tariffs and thus accurately reflect the agreement reached.

The situation is more complex in India, where Washington is increasingly using tariffs as a geopolitical weapon to pressure New Delhi to reduce and halt oil purchases from Russia, thus weakening Russia's war machine against Ukraine. Trump has imposed overall tariffs of 50% on India, including a 25% penalty for Russian crude. Despite the high pressure, negotiations between the United States and India are continuing, with New Delhi denying it has halted American arms purchases. But reaching an agreement appears unlikely given the strained relations between Trump and Prime Minister Narendra Modi. The two leaders held a tense meeting on June 17, during which Modi clarified that India and Pakistan had directly discussed the ceasefire and that India "does not and will never accept mediation," effectively contradicting the Tycoon. For weeks, Trump had taken credit for preventing a nuclear war between India and Pakistan, presenting himself to the world as a "peace president." Since that phone call, the president's tone toward India has changed, from praising the country to harshly attacking it, even imposing heavy tariffs.

Wall Street is set to close the week on a positive note. Investors continue to weigh the latest round of tariffs, the company's earnings, and developments at the Federal Reserve. President Trump today nominated Stephen Miran, chairman of the Council of Economic Advisors, to replace Adriana Kugler on the Fed's Board of Governors. On the trade front, Washington will implement tariffs on gold bullion, reversing industry expectations that they would benefit. In a post on Truth Social, Trump argued that "the tariffs are having a huge positive impact on the stock market. New records are being set almost every day" and that "hundreds of billions of dollars are flowing into our country's coffers." He warned that if the US courts were to overturn his tariff policy, "It would be 1929 all over again, a great depression." Currently, the Dow Jones Industrial Average is up 0.58%, the S&P 500 is up 0.81%, and the Nasdaq is up 0.95%.

The White House has indicated it will issue an executive order in the near future to clarify "misinformation" about tariffs on gold and other specialty products, Bloomberg reports. The administration surprised markets by ruling that one-kilogram gold bars would be subject to tariffs.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi discussed economic, trade, and investment cooperation by phone, the Kremlin announced, following the introduction of secondary sanctions by the United States against India over New Delhi's purchase of Russian oil. Moscow and New Delhi are finalizing the dates of the Russia-India summit scheduled for later this year. "We reaffirmed our commitment to further deepening our privileged strategic partnership," Modi said.

New Delhi has suspended its plans to procure new US weapons and aircraft, Reuters reports, citing three Indian officials familiar with the matter, who say the decision is the first concrete sign of India's discontent following the tariffs imposed by Donald Trump. India had planned to send Defense Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip was canceled, two of the people said. On August 6, Trump imposed an additional 25% tariff on Indian goods as punishment for Delhi's purchases of Russian oil. This brought the total tariff on Indian exports to 50%, among the highest of any US trading partner.

No written instructions were given to suspend the purchases, another official said, indicating that New Delhi had the option to quickly reverse course, although there was " no forward movement, at least for now ." After this story was published, Reuters reported that the Indian government released a statement attributed to a Defense Ministry source describing reports of a pause in talks as " false and fabricated ." The statement also stated that the procurement was proceeding according to " existing procedures ."

American tariffs average 20.1%, the highest level since the early 1910s, excluding a few weeks in 2025. This is according to updated calculations by the World Trade Organization and the International Monetary Fund following the implementation of Donald Trump's new tariffs. The average calculated is based on constant trade volumes and was only 2.4% when Trump took office on January 20, 2025.

"The tariffs are having a very positive impact on stock markets, with new records almost daily. They're also bringing hundreds of billions of dollars into America's coffers," Donald Trump said on his social media account, emphasizing that an anti-tariff ruling by American courts would cause enormous damage to the United States. It would be a "judicial tragedy," Trump emphasized, explaining that he knows the American judicial system intimately. "There's no one in history who has been through trials, tribulations, and judicial uncertainties like I have, but wonderful things can happen."

The United States made a mistake in implementing new tariffs on Japan, and Washington has committed to amending the terms of the agreement and providing refunds, Japanese tariff negotiator Ryosei Akazawa explained. He said Washington admitted it had made a "mistake" by adding a 15% additional tax to existing tariffs on certain products and not establishing a standard 15% tariff. "It is extremely regrettable that a presidential order has been issued and implemented that violates the Japan-United States Agreement on U.S. Internal Administrative Procedures in Regarding Reciprocal Tariffs," Akazawa told local media reporters in the United States, where he was visiting to finalize the tariff negotiations.

Switzerland will not consider countermeasures to the 39% US tariffs "for the time being." The Swiss government announced this, specifying that its primary focus is "support measures for Swiss companies" and continuing dialogue with Washington. "The diplomatic mission in Washington aimed to present a new offer to the US authorities: a goal achieved, which represents a positive development," said President Karin Keller-Sutter, noting that "it was clear that Donald Trump would maintain the tariffs in the short term."

The European Commission expects the United States to adopt further executive orders "soon" to reduce trade tariffs on EU imports to the 15% cap, including for cars, auto parts, pharmaceuticals, chips, and semiconductors. "We expect the US to implement this commitment as soon as possible. I can't tell you when: that's a question for the US," EU Commission spokesperson Olof Gill said during a midday press conference in Brussels.

"I can't give a timeline. For the auto industry, we have a clear commitment from the US that the 15% cap will also apply to the auto components, pharmaceuticals, and microprocessors sectors," he reiterated. "We have no doubt that further executive orders will arrive soon," echoed another spokesperson, Arianna Podesta.

According to S&P Global Ratings, the EU-US trade agreement, which led to the introduction of a universal 15% tariff on US imports of manufactured goods from the EU starting August 7, "is not expected to significantly impact credit quality in most EU corporate sectors, as the effects are expected to remain manageable." However, questions remain regarding certain sectors, the note emphasizes, "such as the automotive, pharmaceutical, metals, and semiconductor sectors, which could be subject to different tariffs or quotas. Furthermore, the agreement's indirect effects, such as worsening global trade conditions, market uncertainty, potential supply chain disruptions, and a weakening dollar, could put more significant pressure on rated European companies than the tariff itself." The agreement, combined with the recent commitment by European NATO members to increase defense spending, suggests "that potential risks associated with US unilateralism have somewhat subsided, although they remain subject to uncertainty in the context of the current US administration's 'America First' policy," S&P Global Ratings emphasizes.

Switzerland will hold an extraordinary meeting today after top officials failed to persuade Washington not to impose a 39% tariff on Swiss goods. The rate is one of the highest imposed on countries trading with the United States and jeopardizes entire sectors of the export-oriented Swiss economy, particularly watchmaking and industrial machinery, but also chocolate and cheese. "Tariffs: Following the return of the delegation from the United States, the Federal Council will hold an extraordinary meeting in the early afternoon. A statement will follow at the end of the meeting," the government posted on X. Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin had traveled to the United States, but were able to meet only with US Secretary of State Marco Rubio, not Trump. After Wednesday's meeting, Keller-Sutter spoke only of "a very friendly and open exchange on common issues."

"I think the growth will be unprecedented," US President Donald Trump said, commenting on the implementation of blanket tariffs on products from over 60 countries and the European Union. He added that the United States is "raising hundreds of billions of dollars in tariffs," but could not provide a precise figure for revenue because "we don't even know what the final figure will be" for tariff rates.

US President Donald Trump's broad-based tariffs on dozens of countries are taking effect, just as the economic fallout from months-long tariff threats has begun to cause visible damage to the US economy. The White House announced that starting shortly after midnight, goods from over 60 countries and the European Union in the United States would be subject to tariffs of 10% or higher. Products from the European Union, Japan, and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam, and Bangladesh will be taxed at 20%. Trump also expects countries like the EU, Japan, and South Korea to invest hundreds of billions of dollars in the United States. Despite the uncertainty, the Trump White House is confident that the introduction of his broad-based tariffs will clarify the path of the world's largest economy. Now that companies have understood the direction the United States is taking, the administration believes they will be able to increase new investment and boost hiring to rebalance the US economy as a manufacturing powerhouse.

"I demand respect. This is not a civilized way for two heads of state to negotiate. We received the tariff announcement in a totally authoritarian manner, and that's not how we're used to negotiating." This is how Brazilian President Luis Inacio Lula da Silva described US President Donald Trump's announcement of the 50% tariff increase on Brazilian exports in an interview with Reuters today.

Brazil has decided to appeal to the World Trade Organization (WTO) the 50% tariff increase imposed by the United States starting today. Brazil has submitted a request for consultation to the US mission to the international organization, according to Globo TV. This is a first step. If no agreement is reached with the US, the Brazilian government will request the establishment of an arbitration committee to evaluate the case. According to government sources, the decision to activate the WTO's dispute resolution mechanism is considered an initiative with strong political and symbolic value rather than practical value given the lengthy procedure. But Brazil's objective is different: to strengthen its geopolitical position internationally, signaling its active defense of its commercial interests.

Secretary of State Marco Rubio met today with Swiss President Karin Keller-Sutter and Vice President and Minister of Economy Guy Parmelin "to discuss the importance of fair and balanced trade relations for the benefit of the American people," according to the State Department. During the meeting, the two sides also reaffirmed their commitment to "strengthening bilateral defense cooperation."

Regarding tariffs, "the European Commission is responsible, and it is currently negotiating possible products that could be exempt from tariffs. In these negotiations, too, Italy will do its best to protect its national interests, especially considering that many of the products that are symbols of Italian exports are actually impossible to replace with domestic American products, simply because they are unique products, and obviously we are also pointing this out." This was stated by Prime Minister Giorgia Meloni in an interview with Tg5. "What we are doing, and what we must do above all," the Prime Minister continued, "is to continue to help our businesses and our producers. We have done so in recent days, for example by investing another billion euros in the agri-food supply chain and approving a significant simplification package, which was exactly what our companies were asking for. We will continue to stand by our producers," she concluded.

The 15% tariff on EU wines and spirits could result in the loss of over 25,000 American jobs and nearly $2 billion in lost sales. The alarm was raised in a letter to US President Donald Trump by 57 alcohol and related industry groups, including major European producers like Diageo and Pernod Ricard, US whisky and wine producers, as well as glass suppliers, retailers, and restaurants, under the umbrella of the 'Toasts Not Tariffs Coalition'. They wrote: "We reiterate our urgent call for the United States and the European Union to reach an agreement to ensure fair and reciprocal trade in spirits and wines. As we approach the critical holiday season, a time essential to the success of our industries, we implore you to secure this important agreement for the United States as soon as possible. This would represent a clear and significant victory for American workers, businesses, and consumers." “We need toasts, not tariffs, as we head into our industry’s most important holiday season. “As part of your ‘America First’ trade policy, we call on your leadership to secure fair and reciprocal tariff-free trade for U.S. and EU spirits and wines as soon as possible,” the letter reads. Our coalition members produce, distribute, and sell wine and spirits in every U.S. state and support more than 3.5 million jobs, generating $476 billion in annual economic activity. These include farmers who grow crops like grapes, corn, wheat, barley, hops, rye, and rice on more than 1 million acres of farmland, all the way down to servers, bartenders, truck drivers, and store clerks. These jobs also include industries such as transportation and distribution, bottling and packaging, marketing and finance, food service, bar staff, taverns, small packaged goods stores, and large and small grocery stores. The coalition also notes that wine and spirits are unique products, often tied to specific geographic regions around the world. Our industries represent a mutually beneficial model of trade, and the livelihoods of those who work in them are largely dependent on international trade. The majority of U.S. wine exports—it is emphasized—go to countries with low or no import tariffs. Nearly 86% of U.S. alcohol exports go to countries that have eliminated tariffs on all U.S. alcohol, and approximately 98% of alcohol imports come from countries that have eliminated tariffs on U.S. alcohol. Ensuring predictable access to global markets creates jobs, supporting rural and urban communities.

"Trump's 50% tariffs are economic blackmail, an attempt to bully India into an unfair trade deal," wrote Congress Party leader Rahul Gandhi in X following Donald Trump's executive order. "Prime Minister Narendra Modi would be wise not to let his weakness prevail over the interests of Indians," the Indian opposition leader urged.

US tariffs on a wide range of Brazilian products officially went into effect today, following President Donald Trump's decision to quintuple them, from 10% to 50%, as part of a political pressure campaign surrounding the trial of former right-wing president Jair Bolsonaro, who is currently under house arrest on the orders of Supreme Court Justice Alexandre Moraes, who is also under US sanctions. The measure, announced via executive order last week, affects approximately 36% of Brazilian exports to the United States, according to preliminary data cited by Brazilian Vice President Geraldo Alckmin. Among the products affected by the new tariffs are strategic goods such as coffee, meat, and sugar.

In the official statement, the White House accused the government of left-wing President Luiz Inacio Lula da Silva of making "unjustified criminal charges" against Bolsonaro. According to Washington, Brazil's recent policies pose "an unusual and extraordinary threat" to the economy, national security, and foreign policy of the United States.

Less than 24 hours after the 50% tariff on Brazilian exports to the United States went into effect, Foreign Minister Mauro Vieira announced that the government would announce Brazil's trade response to the White House initiative by August 18. At the same time, President Luiz Inacio Lula da Silva called for dialogue with his US counterpart Donald Trump. "It would be important to work based only on the truth," Lula stated, emphasizing his desire to avoid escalating into a trade war. "If we lose respect for the sovereignty of countries, for their supreme courts and their parliaments, the world won't work," he concluded.

US President Donald Trump told CNBC yesterday that he would raise tariffs on India "a lot," noting that New Delhi "has the highest tariffs of all" and is "feeding the war machine" by buying Russian oil. India "has the highest tariffs of all" and the United States "does very little business because of such high tariffs," Trump said, adding: "We've decided on 25%, but I think I'm going to raise it a lot in the next 24 hours because they're buying Russian oil. They're feeding the war machine." Meanwhile, India has sent Ajit Doval, Prime Minister Narendra Modi's national security adviser, to Moscow, Indian media reported, a visit that coincides with that of US envoy Steve Witkoff. On Monday, India's foreign ministry said that US pressure to end Russian oil purchases was "unwarranted" and "unreasonable" and that it would do everything possible to protect national interests. India argued that it "started importing from Russia because traditional supplies were diverted to Europe after the outbreak of conflict" in Ukraine.

US President Donald Trump said today that he will "very likely" meet with his Chinese counterpart, Xi Jinping, "before the end of the year, if we reach an agreement" on tariffs. In his CNBC interview, Trump emphasized that Xi "asked for a meeting," adding: "We will very likely meet before the end of the year, if we reach an agreement. If we don't reach an agreement, we won't meet. I mean, what's the point of a meeting if we don't reach an agreement? But we're getting very close to an agreement."

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.