Current
News

This week’s developments centered on trade policy escalation and leadership changes at a key federal agency:

Trump Doubles Tariffs on Indian Imports

On Wednesday, August 8th, President Trump announced that tariffs on Indian imports would double from 25% to 50% after accusing India’s government of importing Russian Federation oil. The new tariffs — also applying to several other U.S. trading partners — take effect within three weeks. The administration has sought to limit Russian oil revenue, citing it as one of Moscow’s largest funding sources, and hopes the increased pressure will push India to halt such purchases.

100% Tariff on Foreign Semiconductors

Trump also unveiled a 100% tariff on imported semiconductors and chips, exempting U.S. manufacturers. The move aims to encourage domestic manufacturing, with companies like Apple already committing to U.S. production. Several major foreign chipmakers have pledged to expand U.S. operations, including Nvidia — now the world’s most valuable company — which plans to invest $500 billion in AI infrastructure nationwide over the next four years.

Trump Fires IRS Commissioner Billy Long

Less than two months into his term, IRS Commissioner and former U.S. Representative Billy Long was removed from his post by President Trump. The White House did not disclose a reason, but Democrats had previously voiced concerns over Long’s past work at a firm accused of pitching fraudulent tax breaks and exploiting tax credit loopholes. Treasury Secretary Scott Bessent will serve as acting commissioner until a permanent replacement is confirmed.

Market Impact Summary

• Trade-sensitive sectors: Increased volatility on tariff announcements
• Domestic chipmakers: Potential beneficiary from import tariffs
• Global supply chains: Semiconductor realignment toward U.S. production