Treasury Secretary Scott Bessent, who is leading the US delegation during ongoing talks with Chinese trade officials in Spain, reiterated on Tuesday that he expects a finalized TikTok deal to be announced after President Trump and Xi Jinping talk on Friday.
The talks in Spain are set to continue through Wednesday.
“We were able to reach a series of agreements, mostly for things we will not be doing in the future that have no effect on our national security,” Bessent told CNBC.
TikTok is set to go offline Sept. 17 unless parent company ByteDance divests itself of majority ownership of the social media app or Trump extends the deadline again. Oracle (ORCL), seen as the frontrunner in any deal involving American stewardship of the app, rose 5% in premarket trading.
On Monday, China accused the US of “unilateral bullying” after Washington called on G7 and NATO allies to impose tariffs on Beijing over its purchase of Russian oil. Bessent noted that the US would not move forward with the oil-related tariffs unless European countries did the same.
In the background, the Supreme Court is reviewing a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
The high court put the case on track for oral arguments in early November. That puts the case on an unusually quick track to resolution.
The tariffs at stake are the sweeping “reciprocal,” country-specific duties Trump has outlined in various steps this year (which you can see in the graphic below). Those duties range from 10% to 50%. Trump has used a 1977 law known as “IEEPA” — the International Emergency Economic Powers Act — to justify imposing the tariffs.
The appeals court allowed the tariffs to stay in place while the case moves through the legal process.
Here are the latest updates as the policy reverberates around the world.
LIVE1861 updates
Wall Street, Corporate America brace for more tariff turmoil
(Reuters) -Wall Street is bracing for another bumpy ride ahead of a forthcoming Supreme Court decision on the constitutionality of tariffs that could throw Corporate America into turmoil and raise questions over the country’s fiscal health.
The plunge in asset prices in early April in the wake of U.S. President Trump’s Liberation Day tariff announcements offers Wall Street a taste of what some believe may be in store if courts opt to overturn a tariff regime to which market participants have become accustomed.
Since then, the administration has announced an array of trade deals and companies have found ways to absorb some of the costs. Markets in turn have recovered and moved on to set fresh highs.
EU delays Russia sanctions proposal to align with G-7 priorities
The European Union said on Tuesday it will delay presenting its new Russia sanctions after President Trump pushed for tougher European measures before the US proceeds with its own.
China finds Nvidia violated antitrust law in chip deal probe as trade talks continue
China ruled on Monday that Nvidia (NVDA) violated anti-monopoly laws with a high-profile deal in 2020, increasing the pressure on Washington during sensitive trade negotiations continue in Madrid.
Bessent: US close to resolving TikTok issue with China
US Treasury Secretary Scott Bessent confirmed on Monday that they are “very close” to resolving the TikTok issue with China, as trade discussions resumed in Madrid.
US-China talks head into second day focused on trade, TikTok
US and Chinese officials met on Sunday to discuss trade, the economy and TikTok in high-level talks in Madrid, a senior Treasury official said, as diplomacy between the two countries steps up.
Trump says losing patience with Putin, eying bank, oil sanctions
President Trump’s tolerance with Russian President Putin is wearing thin. In a Fox News interview on Friday, Trump made the comment that his patience with Putin was “running out fast” and threatened Moscow with new economic sanctions over the war in Ukraine.
Swatch sells watch lampooning Trump’s 39% tariffs on Switzerland
Swiss watchmaker Swatch (UHR.SW, UHRZ.XC) has started selling a special edition watch with the numbers 3 and 9 reversed on its dial, a tongue-in-cheek reference to President Trump’s 39% tariffs imposed on US imports from Switzerland last month.
China gives Mexico stiff warning over tariffs seen appeasing US
China has sent a warning to Mexico telling them to “think twice” before levying tariffs, a sign that could signal Beijing’s willingness to retaliate over a move it sees as giving in to demands from President Trump.
Overall inflation rose 0.4% month over month and 2.9% year over year, driven by higher costs for food, gas, and shelter. Notably, fruit and vegetable prices rose 1.6%, meat prices rose 1%, apparel prices rose 0.5%, new vehicle prices rose 0.3%, and airfares surged 5.9% on a monthly basis.
“When I see apparel prices jump by half a percent, you know, those are tariffs,” RSM chief economist Joe Brusuelas told Yahoo Finance. “When I see food prices jump, given the composition of the North American food supply chain, that’s tariffs.”
Trump’s tariffs could push nearly 1 million Americans into poverty: Report
A new analysis shows that 1 million Americans could be pushed into poverty as a result of President Trump’s sweeping tariffs.
Swiss add luster to Trump trade deal with gold refining plan: Report
In a bid to reduce President Trump’s tariffs, Switzerland is proposing that its gold industry builds a refinery in the US or increases its processing capacity there as part of a trade deal.
