US launches 10%-12.5% tariffs on 60 trading partners, affecting 99.4% of imports; oil rebounds above $100 on

President Trump on Friday launched a new round of tariffs targeting 60 trading partners, including the European Union, China, the United Kingdom and Canada. The levies took effect at 12:01 a. m. ET on Friday, replacing a temporary 10% baseline duty that expired on July 24, with rates ranging from 10% to 12.5%. The tariffs are imposed under Section 301 of the Trade Act of 1974, with officials citing forced labour as the justification. Countries that have adopted or pledged to prohibit forced labour face a 10% tariff, while those that have not face 12.5%, affecting 99.4% of US imports.

The Supreme Court earlier ruled in February that previous tariffs were illegal. The US military conflict with Iran has entered its sixth month, with oil prices rebounding above $100 a barrel. Global stock markets continue to be affected by the Middle East conflict.