Trump tariffs live updates: Buffett's Berkshire portfolio takes tariffs hit; Trump outlines sweeping new tariffs for dozens of trade partners

US Trade Representative Jamieson Greer confirmed President Trump's latest tariff rates are largely fixed and unlikely to change, with new duties including 35% on Canada, 39% on Switzerland, and a 15% standard for many nations, impacting trade relations and global supply chains. The immediate economic fallout includes Berkshire Hathaway's consumer goods revenue declining 5.1% due to tariffs, alongside broader stock market declines and warnings from countries like Switzerland of potential recession, underscoring the significant and widespread commercial implications of these protectionist measures.

Analysis

The U.S. administration is enacting a significant escalation in its protectionist trade policy, establishing a new tiered tariff system that U.S. Trade Representative Jamieson Greer has indicated is "pretty much set." This policy shift creates a complex and uncertain environment for global trade, with specific rates now formalized, including 35% on Canada and a notably high 39% on Switzerland. The economic repercussions are already materializing, as evidenced by Berkshire Hathaway's consumer products division reporting a 5.1% year-over-year revenue decline in Q2, which the company directly attributes to tariff-related order and shipment delays. The impact is sector-specific, with footwear companies such as Nike (NKE), Deckers (DECK), and the Swiss-based On Holding (ONON) facing significant margin pressure. National economies are also bracing for impact; Swiss industry associations are warning of a potential recession, and the Bank of Japan anticipates a decline in corporate profits and capital expenditures. However, the policy includes specific exemptions creating a bifurcated market of winners and losers. For example, Embraer (ERJ) is shielded as aircraft parts are exempt from the 50% tariff on many Brazilian goods, while copper futures (HG=F) have been volatile as tariffs apply to semi-finished products but not input materials. Further uncertainty persists due to the ambiguous threat of a 40% anti-transshipment penalty and an ongoing federal legal challenge to the president's tariff authority.

Key Decisions for Investors

• Investors should review portfolio exposure to sectors heavily reliant on international supply chains, such as consumer goods and manufacturing, given the confirmation of high, fixed tariff rates and demonstrated negative impacts on corporate revenues.
• Consider underweighting or hedging positions in footwear stocks, particularly Swiss-domiciled On Holding (ONON) which faces a 39% tariff, and monitor Berkshire Hathaway (BRK.A/B) for further headwinds in its consumer-facing businesses.
• Evaluate companies that benefit from specific tariff carve-outs, such as Embraer (ERJ), which was explicitly exempted from the high tariffs levied on Brazil and may gain a competitive advantage.
• Closely monitor for clarification on the proposed 40% transshipment penalty and the outcome of the federal appeals court case, as these events represent significant catalysts that could alter the risk profile for a wide range of importers.
• For commodity investors, the nuanced tariff structure on copper requires a granular analysis of the supply chain, as the distinction between tariffs on semi-finished products versus raw materials creates distinct pricing pressures within the same market.