US TARIFFS UPDATE: Swiss president goes home empty handed? India hit with additional 25%; Russia secondary tariffs decision within 48 hours

Swiss President Karin Keller-Sutter is returning home after her attempt to dodge the crippling 38% tariff being applied at the end of the week. While she said her meeting with Secretary of State Marco Rubio went well there were hints that Rubis is still looking for more Swiss purchases of U.S. energy and weapons. Switzerland runs a trade surplus with the U.S. and recently has been added to the special monitoring list on trade and current account balances by the Treasury Department. Meanwhile, as was well telegraphed in advance, President Trump went ahead with an executive order doubling the tariff rate to be applied to India, citing its continued intention to buy Russian oil. The application of additional non-economic criteria to trade relations with India, as well as Canada and Brazil, has undercut the arguments of Treasury Secretary Scott Bessent that trade balances are the primary factor in applying tariffs. In China and Mexico's cases, both still unsettled as far as trade deals go, the trade in illigal fentanyl and its precursor chemicals have previously been the only non-economic factor governing U.S. tariffs. In early afternoon President Trump posted as message saying his envoy Stever Witkoff had a good meeting with Russia President Putin. But Trump added that he has conferred with European allies on next steps, with the aim still to bring the Russia-Ukraine hostilities to an end. Putin's spokesman said "signals" were exchanged. Earlier Rubio had warned some decision on secondary tariffs could be expected within 48 hours. Later this afternoon President Trump and Apple CEO Tim Cook announce Apple's latest concession to avoid further tariff problems, a $100 billion additional investment in the U.S. adding production facilities. Finally, so-called reciprocal tariffs begin to be collected at midnight.