Here's a tariff we can get behind. At a White House meeting on Monday with NATO's secretary general, Mark Rutte, U.S. President Donald Trump said he would introduce "tariffs at about 100%" on Russia's trade partners if the Kremlin doesn't reach a deal to end its invasion of Ukraine in 50 days.
Notably, the punitive measures will be implemented as "secondary tariffs," Trump said. Unlike Trump's normal tariffs, under which a specific country is slapped with a levy, secondary tariffs impose the duty on countries and entities that buy Russia's exports.
While those moves were meant to weaken Russia's economy, they do run the risk of drawing other countries' ire. According to data from the International Trade Centre, in 2024, Russia's biggest export was oil, and its biggest buyers were China, India and Turkey, in that order. That means those nations, among others, would effectively face a tariff of 100% from the U.S. — the highest of all updated numbers announced so far — if they don't shift their buying patterns.
That said, it's refreshing to think of tariffs not as a weapon in a trade war (even if there might be collateral damage), but being used for peace.
What you need to know today
China's second-quarter economic growth beat expectations. Compared with a year earlier, gross domestic product expanded 5.2%. While that figure topped the 5.1% estimates in a Reuters poll, it marks a deceleration from the previous quarter's growth of 5.4%.
Trump threatens 100% tariffs on Russian export buyers. The U.S. president said he will impose "secondary tariffs" on Moscow if the country doesn't end its war on Ukraine in 50 days.
The White House will allow Nvidia to resume chip exports to China. The semiconductor company said Tuesday that the U.S. government has assured Nvidia it will be granted licenses to export H20 chips to Beijing. Nvidia's H20 chips were specially designed for the Chinese market.
U.S. stocks tick up even after renewed tariff threats. All major U.S. indexes posted mild gains Monday stateside. Asia-Pacific markets mostly rose Tuesday. The yield on the Japanese government's 10-year bond climbed to its highest level since 2008.
[PRO] How to play gold as prices trade at highs. The bullion topped a three-week high on Monday as investors piled into the safe-haven asset amid trade turbulence. Fund managers and analysts share the best ways to invest in gold.
And finally...
Inside Europe’s billion-dollar wooden city
A part of Stockholm, the capital of Sweden, is set to become the "world's largest wooden construction project," according to its developer Atrium Ljungberg, which will invest 12 billion Swedish krona (about $1.25 billion) into the project.
Sickla — an industrial area to the south of Stockholm's center once known for manufacturing diesel engines — is being redeveloped using cross-laminated timber, with the material being used in its buildings' core, floors and walls.
— Lucy Handley
