President Trump on Wednesday signed an executive order imposing an additional 25% tariff on India for purchasing Russian oil.

Trump made good on a threat for higher tariffs on India, as he as accused the country of effectively financing the Russian war in Ukraine.

Meanwhile, China is pushing back against the US on chips despite a temporary trade and tariff truce, according to a Bloomberg report on Wednesday.


Beijing summoned Nvidia (NVDA) staff last week over alleged security risks in its H20 chips, using the move to push back against Washington's plans to track semiconductors.

Trump on Tuesday said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so," as he prepares to add more sectoral duties to his mix of tariffs. He said those duties could eventually balloon as high as 250%.

Trump has signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.

You can see the new rates Trump is set to levy in the graphic below:


In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:

Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.

The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said.

Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.

The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.

Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).

The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.