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 that new tariff rates are largely set, as President Trump enacted a series of trade measures including a 35% tariff hike on Canada, a 90-day reprieve for Mexico, a 15% import tariff deal with South Korea, and 50% tariffs on semi-finished copper and many Brazilian goods, alongside a 15% tariff agreement with the EU. These policies are already showing impact, with Warren Buffett's Berkshire Hathaway reporting a 5.1% Q2 revenue decline in its consumer goods due to tariffs and copper futures plunging following new duties.

Analysis

The US trade policy landscape is solidifying with new tariff rates described as "pretty much set" by U.S. Trade Representative Jamieson Greer, indicating a low probability of reversal. The tangible impacts of this protectionist shift are already materializing, as evidenced by Berkshire Hathaway's consumer products division reporting a 5.1% year-over-year revenue decline in the second quarter, which the company directly attributes to tariff-related delays in orders and shipments. The policy application is not uniform, creating a complex environment for specific sectors and trading partners. For instance, Canada faces a steep 35% tariff, while Mexico has a 90-day reprieve for negotiations. New deals with South Korea and the EU set a 15% tariff rate, though key issues with the EU remain unresolved. The commodity markets have also reacted sharply, with copper futures plunging after the announcement of a 50% tariff on semi-finished products. Notably, the policy includes strategic exemptions, such as those for Brazilian aircraft parts which benefit Embraer (ERJ), and broadens its reach by ending the de minimis exemption for low-value imports, a move set to impact a wider range of goods from August 29.

Key Decisions for Investors

• Given the confirmation that new tariffs are largely fixed and their demonstrated impact on corporate results, such as the 5.1% revenue decline in Berkshire Hathaway's consumer goods unit, investors should scrutinize companies with significant exposure to Canadian trade or complex international supply chains.
• The targeted nature of the tariffs, which caused copper futures to plunge while explicitly exempting firms like Embraer (ERJ) from Brazilian duties, necessitates a granular, company-specific analysis over broad-market assumptions.
• Monitor the ongoing negotiations with Mexico and the EU, as the 90-day reprieve and unresolved deal terms represent significant event-driven catalysts or risks for exposed equities.
• Consider the downstream effects of the elimination of the sub-$800 de minimis import exemption, which will likely increase costs for e-commerce retailers and logistics companies reliant on low-value cross-border shipments.