President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance.

The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%.

The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries.

Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe.

More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%.

Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%.

Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics.

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Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners.

Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning.

You can check out the latest action and updates in our markets live blog.

President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties.

The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details.

Bloomberg News reports:

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Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war.

From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt.

The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday.

But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit.

Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices.

"It’s a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries.

Bloomberg News reports:

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Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors.

Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US.

So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested.

Bloomberg News reports:

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Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs.

Bloomberg News reports:

Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier.

Reuters reports:

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The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy.

Reuters reports:

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The White House took a step forward with President Trump’s plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.

The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.

But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.

India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.

Taiwan is another top US trading partner and is set to see a 20% rate.

The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.

Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.

But some nations were not included in Tuesday’s release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.

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President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday.

The reprieve came after Trump talked with Mexican President Claudia Sheinbaum.

Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars.

Reuters reports:

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President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again."

"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE “HOTTEST”COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted.

The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs.

"To all of my great lawyers who have fought so hard to save our Country, good luck in America’s big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE “DEAD,” WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!"

On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan.

Unless trading partners reach an agreement by tomorrow, many will face higher tariffs.

Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal:

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US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again."

"To all of my great lawyers who have fought so hard to save our Country, good luck in America’s big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE “DEAD,” WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added.

Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs:

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The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan’s untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday.

AP reports:

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Reuters reports:

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Bloomberg reports:

The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation.

President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.

“This has badly deviated from market expectations,” said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have “wasted all their efforts” and global copper flows will return to normal, he said.

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Bloomberg News reports:

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German carmaker BMW (BMW.DE) maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals.

Reuters reports:

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President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order.

On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons.

Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday.

Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs.

Bloomberg News reports:

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On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided.

Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US.

China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay.

UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports.

Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US.

Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April.

South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan.

India: On Wednesday Trump threatened a 25% tariff on goods from India.

Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump’s Friday deadline.

Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning.

Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire.

President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor.

"Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!," Trump wrote on Truth social.

The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025.

Bloomberg News reports:

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The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding.

President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached.

"I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote.

"Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."

Bloomberg News reports:

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President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves.

Trump wrote on Truth Social:

Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate.

The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia.

President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800.

Bloomberg reports:

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President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro.

AP reports:

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President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together.

"Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social.

The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good."

ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!

These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs.

Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025.

Two posts from Truth Social this morning:

And:

Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker.

Reuters reports:

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India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs.

Bloomberg News reports:

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President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown.

While Volkswagen's (VOW3.DE, VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half.

Reuters reports:

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President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline.

“I think so,” Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.

“India has been a good friend, but India has charged basically more tariffs than almost any other country,” Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. “You just can’t do that.”

The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs.

Bloomberg News reports:

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Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker.

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Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country.

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US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world’s two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time.

"We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden.

"The president can make a final call," he added.

Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive."

Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting.

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The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply.

Reuters reports:

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Reuters reports:

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India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline.

Reuters reports:

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The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy."

More from Yahoo Finance's Ben Werschkul:

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A few tariff mentions on earnings releases this morning that have caught my attention:

• Procter & Gamble (PG) sees a $1 billion hit over the next 12-months. CEO Jon Moeller tells me he is hiking prices.

• Stanley Black & Decker (SWK) sees an $800 million hit in 2025.

The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs.

Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers.

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The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts.

After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out.

Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems.

Bloomberg News reports:

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