Trump launches fresh tariff blitz on 60 trading partners

According to CNBC, President Donald Trump on Friday imposed new tariffs on 60 trading partners, including the European Union, China, the U.K. and Canada, with duties of 10% to 12.5% taking effect at 12:01 a.m. E.T. Friday after the previous 10% baseline tariff expired July 24. The White House is using Section 301 of the Trade Act of 1974 after the Supreme Court ruled in February that the earlier tariffs were illegal, and officials said the new measures are tied to alleged forced labor practices. The tariffs apply to 99.4% of U.S. imports. Analysts said the move comes against a backdrop of higher oil prices, Middle East tensions and supply chain pressure, and could leave markets facing a more persistent drag on growth and inflation.