By Caitlin McCabe and Jack Pitcher

President Trump's sweeping levies kicked in on dozens of countries just after midnight, intensifying his trade war after months of extensions and geopolitical wrangling.

Negotiators are still hoping to secure exemptions for key exports, as well as lower overall tariff rates. Swiss President Karin Keller-Sutter said Thursday her country would continue intensive talks with the U.S., after she left Washington without averting 39% duties.

India's prime minister, Narendra Modi, struck a defiant tone after Trump doubled tariffs on Indian goods to 50% as punishment for buying Russian oil. Modi said his country wouldn't compromise on protecting its farmers.

Markets took the overall tariff rollout in stride. That's a marked change from four months ago, when Trump's unveiling of his plans sent stocks sliding. U.S. stock indexes largely rose early Thursday, as did most global indexes.

Shares of Apple and chip stock advanced. On Wednesday, Trump threatened a roughly 100% tariff on semiconductors, but said companies such as Apple that are investing in U.S. manufacturing will get a waiver. Intel bucked the trend, stumbling after Trump called on its chief executive to resign.

The European Union said Thursday its semiconductor exports would have a 15% tariff ceiling, as part of the bloc's broader trade deal.

Earnings are still rolling in, including from ConocoPhillips and weight-loss drugmaker Eli Lilly. The world's top-selling carmaker, Toyota, said tariffs would cost it $9.5 billion this financial year.

In recent trading:

--Stock indexes were mixed. The Nasdaq gained, while the S&P 500 and Dow slipped. The tech-heavy Nasdaq closed Wednesday just off an all-time high.

--Apple shares rallied, building on last session's 5% jump. The iPhone maker said yesterday it would invest an extra $100 billion in U.S. manufacturing.

--Global stocks mostly rose, with the Stoxx Europe 600 up around 1%.

--U.K.'s FTSE 100 was an exception, falling further when the Bank of England cut interest rates after a tight vote. The pound strengthened against the U.S. dollar.

--Treasury yields wavered ahead of an auction of $25 billion in 30-year bonds.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

August 07, 2025 12:16 ET (16:16 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.