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

The administration announced a new round of tariffs on 60 trade partners, covering 99.4% of U.S. imports, to address alleged forced-labor violations. These duties, ranging from 10% to 12.5%, replace the temporary global tariffs previously established by President Trump. The new measures aim to withstand greater legal scrutiny while impacting nearly all U.S. trade. Wall Street remains volatile as investors navigate rising energy costs and inflation concerns. Brent crude prices recently touched the $100 per barrel mark, driven by escalating tensions in the Middle East and Houthi attacks on Saudi tankers. These higher energy costs, combined with the fresh tariffs, are expected to pressure household budgets and influence the Federal Reserve’s upcoming interest rate decisions. While some stocks showed resilience, megacap tech companies faced pressure from high AI spending. Tesla and Alphabet reported notable daily declines, though Intel saw a boost after exceeding expectations. Meanwhile, bond yields eased slightly, providing some relief to the broader market as investors weigh the sustainability of corporate profits.

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