US-China Tariff Deadline Looms as Trump Ramps Up Trade Threats

The US and China face a critical August 12 deadline to extend their tariff truce, with former President Donald TRUMP escalating threats of higher duties. China's purchase of Russian oil has drawn particular ire, prompting Beijing to defend the transactions as "legitimate and lawful" amid growing geopolitical tensions.

Trump's trade offensive extends beyond China, with India recently hit by doubled tariffs over similar oil purchases. A pending court ruling on the legality of his sweeping tariff authority has become a flashpoint, with Trump warning of economic catastrophe if challenged. "It WOULD be 1929 all over again, a GREAT DEPRESSION," he declared.

The Ripple effects continue across global markets, as Switzerland grapples with unexpected 39% tariffs despite earlier promising trade talks with Washington. These developments occur against the backdrop of potential Trump-Putin negotiations regarding the Ukraine conflict.