The administration will impose new global tariffs on 60 countries to address forced-labor violations and replace temporary levies.

The administration announced that new tariffs will be imposed on 60 trade partners just after midnight ET on Friday. These duties, ranging from 10% to 12.5%, cover 99.4% of U.S. trade and replace the temporary 10% global tariffs previously established by President Trump. The White House exempted certain energy products from these new costs as markets navigate rising oil prices. Equities showed mixed results as investors weighed the impact of the new tariffs alongside AI-related spending and inflation concerns. The S&P 500 rose 0.1%, while the Dow Jones Industrial Average gained 0.3%. The Nasdaq fell 0.5%, pressured by significant losses from tech giants like Micron Technology and Broadcom. Oil prices fluctuated, with Brent crude falling 2.8% to trade below $98 per barrel, despite reaching a weekly high of over $100 per barrel on Thursday. Meanwhile, bond yields eased slightly as investors monitored the potential for higher inflation caused by surging energy costs and heavy AI investment.

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