India responded with outrage to Trump’s move which doubled tariffs on the country to 50% as a penalty for its purchases of Russian oil. “We reiterate that these actions are unfair, unjustified and unreasonable,” a spokesperson for the Ministry of External Affairs said, while opposition leader Rahul Gandhi called Trump a bully. Indian stocks fell for a third straight session, and analysts said that investor sentiment — already unsettled by regulatory action against Jane Street — may remain weak unless Trump changes his mind or a deal is struck in the next few weeks. Politically, it’s seen as difficult for India to overhaul its oil policy even though Trump’s decision has somewhat spoiled the math around the benefits of Russian crude. Analysts expect the additional tariffs to shrink its GDP by as much as a percentage point. 

Stocks elsewhere in Asian and global equity-index futures climbed after Trump’s threat of 100% tariffs on chip exporters came with exemptions for companies like Apple that invest in the US. While his sweeping new tariffs officially took hold Thursday, traders cited optimism that these exemptions may mean limited disruptions to key supply chains. —Ritsuko Ando

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One of Trump’s highest tariffs is now in effect on Switzerland after the government failed in its last-ditch effort to get the US president to lower the rate. The 39% surcharge on exports – from Swiss-made luxury watches to Nespresso coffee capsules – is the highest among developed countries and compares with just 15% on the neighboring European Union. 

Karin Keller-Sutter, Switzerland's president, right, and Guy Parmelin, Switzerland's economy minister, depart following meetings at the US State Department on Wednesday.  Photographer: Al Drago/Bloomberg

Trump will meet Russia’s President Vladimir Putin for talks within the next few days, the Kremlin said. Russia and the US have agreed on a venue for the meeting with a goal for the talks to take place next week, Kremlin foreign policy aide Yuri Ushakov told reporters, according to the Interfax news service. No location for the talks was given. 

Japan’s Prime Minister Shigeru Ishiba pledged to boost public health protections as the country grapples with a severe heat wave that has seen the national temperature record broken twice in recent days. More air conditioners should be installed in school gymnasiums to protect children, Ishiba said, adding that officials should also promote the use of cooling shelters in communal spaces like libraries to help reduce risks from heatstroke, particularly among the elderly. More than 2,000 people died from heatstroke in Japan in 2024, roughly comparable to the number of fatalities from traffic accidents. 

The average temperature in Japan last month was the hottest on record. Photographer: Soichiro Koriyama/Bloomberg

Taiwan said its leading chip manufacturer TSMC will not have to pay a 100% tariff on imports to the US, helping drive the company’s shares to a record. TSMC manufactures the most advanced chips used in artificial intelligence, and the island’s technology exports drove growth to nearly 8% in the second quarter, the fastest pace in four years. 

SoftBank Group swung to a profit in the June quarter, bolstered by gains in its holdings including Nvidia and Coupang, validating founder Masayoshi Son’s strategy of betting on AI technologies. The 67-year-old SoftBank founder seeks to play a more central role in the spread of AI through partnerships and a planned $30 billion investment in OpenAI. He is also courting TSMC and others about taking part in a $1 trillion AI manufacturing hub in Arizona. But concerns over whether the company can manage multiple mass-scale funding needs as interest rates inch up is keeping its stock at a significant discount to the total net asset value of its holdings.

Toyota Motor lowered its annual guidance due to US tariffs, warning of a ¥1.4 trillion ($9.5 billion) hit to its bottom line. The world’s biggest carmaker said it now expects ¥3.2 trillion, rather than an initial ¥3.8 trillion, in operating income for the fiscal year ending in March 2026. Japanese carmakers face a 15% tariff on vehicles they send to the US after the two countries reached an agreement last month that includes a $550 billion fund for Japanese investment in the US.

Toyota’s used vehicles for sale at a dealership in Tokyo. Photographer: Toru Hanai/Bloomberg

Sony, though, said the impact of tariffs now appeared smaller than initially feared. Shares in the company rose more than 4% after it lifted its profit forecast on growth in its entertainment divisions. The number of monthly active users on its PlayStation platform rose 6% from a year ago. Back in May, in the midst of uncertainty around Washington’s new import tax regime, Sony had warned its profit would take a ¥100 billion hit. Following Japan’s trade deal with the US, Sony said it now sees a tariff impact of around ¥70 billion.

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For Your Commute

Americans consume more than half of their daily calories from ultra-processed foods, a government study found. About 62% of childhood diets come from highly processed foods like burgers, pastries, snacks and pizza, according to the US Centers for Disease Control and Prevention’s nutrition survey. Adult diets aren’t that much healthier, with the same foods making up about 53% of their daily calories. 

The report comes as top US health officials are cracking down on additives. Photographer: John Taggart/Bloomberg