The administration announced new tariffs on 60 trading partners to address forced labor violations in global manufacturing.
The administration announced new tariffs on 60 trading partners, ranging from 10% to 12.5%, to address inadequately enforced bans on goods produced by forced labor. These duties, which account for over 99% of U.S. imports, took effect at midnight as temporary 10% worldwide levies expired. While several nations, including Australia and Brazil, rejected the administration's justification, most major trading partners signaled they intend to continue negotiations with Washington. The economic landscape remains volatile as global crude prices surged above $100 per barrel, pushing U.S. gasoline prices past $4 a gallon. Despite these rising costs, the job market remains resilient; U.S. applications for jobless benefits hit their lowest level in more than five decades. Additionally, mortgage rates have climbed to a 12-month high, increasing borrowing costs for homebuyers. In other news, the House approved a resolution to remove U.S. forces from the escalating war in Iran, while Ford Motor Co. recalled over 500,000 Broncos due to a potential wiring harness defect.