The United States on Friday imposed new tariffs ranging from 10% to 12.5% on 60 trading partners, including the EU, China, the UK and Canada, replacing an expiring temporary 10% duty. The move, under Section 301 of the Trade Act of 1974, cites forced labour: countries that have adopted or pledged to ban the practice face 10%, while others face 12.5%. The tariffs cover 99.4% of American imports. The action follows a Supreme Court ruling in February that struck down prior tariffs as unlawful. Separately, the military conflict between the US and Iran has entered its sixth month, pushing oil prices back above $100 a barrel, with global stock markets continuing to feel the impact of Middle East tensions.
Shanghai SASAC held a meeting on July 31 to accelerate high-quality development of bulk commodity trade and build an international trading and investment platform. The meeting emphasized strategic positioning, ecological cooperation, and regulatory services. Guomao Holdings, a municipal state-owned enterprise with 13 billion yuan registered capital established in November 2025, signed framework agreements with SAIC Motor, Shanghai Electric, Shenergy Group, and Shanghai International Port Group to deepen collaboration and build a bulk commodity industrial ecosystem.
The Federal Reserve kept the federal funds rate steady at 3.50% to 3.75% after its July meeting, in a 9-to-3 vote. Three officials dissented, favouring a quarter-point increase. It was the first time in ten years that as many as three policymakers formally broke ranks on the rate direction, highlighting unusual internal division.