The administration will impose new tariffs on 60 countries starting Friday at midnight to address alleged forced-labor violations.
The administration announced that new tariffs will be imposed on 60 trade partners just after midnight ET on Friday. These duties, ranging between 10% and 12.5%, will cover over 99% of U.S. trade and effectively replace the temporary 10% global tariffs established by President Trump. The move comes as global markets navigate a period of volatility. Oil prices recently surged, with Brent crude futures topping $100 per barrel for the first time since late May following Houthi attacks in the Red Sea. These rising costs, combined with mounting AI spending and inflation fears, have put upward pressure on U.S. Treasury yields. In Asian markets, investor sentiment remains cautious. The Kospi plunged over 5.7% in South Korea, while Japan's Nikkei 225 slid 2.7%. Additionally, tech giants Tesla and Alphabet reported lackluster earnings, weighing on the broader equity market. Meanwhile, European stocks showed a mixed opening, with the DAX and CAC 40 seeing slight gains.