US launches 10%-12.5% tariffs on 60 trading partners, affecting 99.4% of imports; oil rebounds above $100 on
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.
- Effective
- -41
- Intensity
- 70
- Confidence
- 75%
- Horizon
- Short term