The latest: Trump's tariffs go into effect, how countries, companies reacted

The US began officially levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board.

The White House said that starting just after midnight goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. 

The White House said that starting just after midnight goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. 

But so far, economic data has shown a U.S. economy that began flagging after Trump’s initial rollout of tariffs in April.

Here's the latest:

Swiss officials meet to tackle high tariffs

The Swiss executive branch, the Federal Council, was expected to hold an extraordinary meeting Thursday afternoon after President Karin Keller-Sutter and other top Swiss officials returned from a hastily arranged trip to Washington, which initially appeared to produce few results, in a bid to avert steep 39% U.S. tariffs on Swiss goods.

On her X account, Keller-Sutter posted photos of meetings with U.S. Secretary of State Marco Rubio — with whom her team discussed tariffs and other issues — as well as with American and Swiss business leaders.

She made no reference to any deal to bring down the U.S. tariffs on Swiss products, which are among the highest imposed on any country by the Trump administration.

Toyota profit takes a dive

Toyota’s profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of President Trump’s tariffs.

The Japanese automaker said it based its report on the assumption that Trump’s tariffs on exports from Japan, including autos, would be 12.5% starting this month. 

Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line.

“Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,” Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs.

Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers.

Tariffs to affect more than half of Indian exports to the US

A top body of Indian exporters said Thursday the latest U.S. tariffs will impact nearly 55% of the country’s outbound shipments to America and lead to exporters losing long-standing clients.

“Absorbing this sudden cost escalation is simply not viable. Margins are already thin,” S.C. Ralhan, president of the Federation of Indian Export Organisations, said in a statement.

The tariffs effectively impose a cost burden, placing Indian exporters at a competitive disadvantage with countries that have lesser import taxes, he added.

In 2024, the US ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the US Census Bureau.

American consumers and businesses buy pharmaceutical drugs, precious stones, and textiles and apparel from India, among other goods.

Modi vows to defend farmers' interests

Prime Minister Narendra Modi on Thursday said India will never compromise the interests of farmers.

“For us, the interests of farmers are a top priority. I know I will have to personally pay a heavy price for it, but I am ready,” Modi said at a conference in what was seen as a message to the US administration, which has been seeking greater access to India’s agriculture and dairy sectors.

India and the US have had five rounds of negotiations on a bilateral trade agreement, but haven’t been able to clinch one so far.

On Wednesday, Trump signed an executive order to place an additional 25% tariff on India for its purchases of Russian oil. 

Japanese entertainment and electronics company Sony said Thursday its profit surged 23% in the last quarter from the year before, as damage from U.S. President Donald Trump’s tariffs was less than it had expected.

Sony raised its forecast for its profit in the full fiscal year until March 2026 to 970 billion yen ($6.6 billion), from an earlier forecast of 930 billion yen ($6.3 billion). The revised projection is still lower than what it earned in the previous fiscal year at 1 trillion yen.

Sony now estimates the impact of the additional U.S. tariffs on its operating income at 70 billion yen ($476 million), much better than the initial estimate of 100 billion yen ($680 million).