Trump Slaps Tariffs on Dozens of Countries Amid Global Trade Tensions

President Donald Trump has introduced new tariffs on dozens of trade partners, affecting countries like the UK, China, the European Union, Canada, Japan, and India. The tariffs will range from 10% to 12.5%. According to President Trump, 'Today's action will begin to correct what is both a human rights abuse and distortive trade practice to improve the welfare of workers everywhere.'

The global economy is still recovering from previous tariff measures in early 2025, which caused significant volatility in global trade. The ongoing US-Iran conflict has led to rising oil prices, with Goldman Sachs analysts predicting Brent crude oil prices will hit $120 per barrel by the fourth quarter of this year.

Rising oil prices may prompt the Federal Reserve to raise interest rates, potentially causing an exodus of investors from the crypto and stock markets. Trump has repeatedly asked for lower interest rates, but high inflation has kept his demands at bay.