Key Takeaways
- India has strongly condemned new US tariffs as "unfair, unjustified, and unreasonable," indicating it is not ruling out retaliatory measures to protect its national interests.
- Despite the escalating trade tensions, White House officials state that Apple (AAPL) will be largely unaffected by tariffs aimed at India, as smartphones remain exempt from the new duties.
- Brazil has formally requested consultations at the World Trade Organization (WTO) regarding recently imposed US tariffs, with President Lula vowing to implement a contingency plan to mitigate economic damage.
- AMD (AMD) CEO Lisa Su confirmed that China export licenses for its MI308 GPUs are moving through the approval process, with the company expecting to restart supply chains once licenses are granted.
- Senator Marco Rubio anticipates further announcements on Wednesday concerning the status of Russia sanctions, following recent talks with Russian representatives that reportedly yielded no progress on a peace deal in Ukraine.
Global trade relations are facing increasing strain as India and Brazil voice strong opposition to new tariffs imposed by the United States. India has criticized the additional US tariffs as "unfair, unjustified, and unreasonable," and its government has stated it will take actions to protect national interests, notably not ruling out retaliatory tariffs. These new US tariffs, which include an additional 25% duty on Indian imports, bring the total tariff on most Indian goods to 50%, primarily as a penalty for India's continued purchase of Russian oil.
However, the impact on major technology companies like Apple (AAPL) appears limited. White House officials have indicated that Apple (AAPL) will be mostly unaffected by tariffs aimed at India. This is largely due to smartphones, computers, and other electronic devices being explicitly exempted from the tariff list announced in April 2025, a decision designed to shield key technology companies whose products are not primarily manufactured domestically in the US. India has become a significant hub for Apple's (AAPL) iPhone production, supplying 71% of all iPhones sold in the US market between April and June 2025.
In a separate development, Brazil has formally requested consultations at the World Trade Organization (WTO) regarding US tariffs. Brazilian President Luiz Inacio Lula da Silva has vowed to implement a contingency plan to mitigate the "unjust" economic and social damage from these tariffs, which apply a 50% tariff on a range of Brazilian exports.
Meanwhile, in the technology sector, AMD (AMD) CEO Lisa Su provided an update on the company's export licenses for its MI308 GPUs to China. Su stated that the licenses are moving through the approval process, and AMD (AMD) expects to restart supply chains once these licenses are approved. This comes after previous US export control restrictions impacted AMD's (AMD) shipments and resulted in approximately $800 million in inventory and related charges in Q2 2025.
On the geopolitical front, Senator Marco Rubio has indicated that more updates are coming Wednesday regarding the status of Russia sanctions. Rubio recently spoke with Trump's envoy Witkoff, who met with Russian representatives, but these talks reportedly made no progress toward a peace deal in Ukraine. Rubio noted that President Trump has a range of options, including imposing secondary sanctions on Russian oil sales and sectoral banking sanctions.
In other corporate news, Turkish Airlines has reiterated its strong interest in acquiring Spain's Air Europa. The airline is preparing a formal offer, seeing the acquisition as complementary to its existing network and a strategic move to expand its presence in the European market. This comes as other potential bidders, including Lufthansa, have withdrawn from talks to acquire a stake in Air Europa.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.