Trump hits 60 trading partners with new tariffs

Reuters Daily Briefing <dailybriefing@thomsonreuters.com>
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2026-07-24 12:57

Daily Briefing

By Linda Noakes

Hello. Trump has taken his first step toward rebuilding a near-global tariff wall.

We have an exclusive report on how Iran is trying to bolster the Houthis' military power.

And as searing heat fuels fires across Europe, tens of thousands of people are forced to flee.

Today's Top News

A man walks past a clothing store in Beijing. REUTERS/Maxim Shemetov

Tariffs

The Trump administration imposed new tariffs of 10% and 12.5% on goods from 60 trading partners, including Europe and China, over allegations of lax enforcement of forced labor bans, just as a temporary 10% global tariff expired.
Here's how countries reacted.
On today's Reuters World News podcast, Trade and Global Economy Correspondent David Lawder explains why the new levies may be more durable than previous tariff regimes.

Middle East

President Donald Trump promised "major military punishment" for Iran and its Houthi allies after the Yemeni fighters struck two Saudi oil tankers in the Red Sea.
Iran flew Islamic Revolutionary Guard Corps commanders, military advisers and missile- and drone-related equipment into Yemen this month, in a move that suggests Tehran is seeking to strengthen the ability of the Houthis to threaten Red Sea shipping.
Trump made a civilian nuclear cooperation deal with Saudi Arabia conditional on Riyadh normalizing relations with Israel, an action the kingdom has so far refused to take.

In other news

French authorities ordered the total evacuation of the Cap Ferret peninsula on the Atlantic Coast, sending boats to remove people from an area threatened by a major wildfire. Spain declared a national emergency over wildfires near Madrid and in Avila.
British Prime Minister Andy Burnham will open a new government base in Manchester dubbed 'No10 North' in a nod to his 10 Downing Street office in London, as he seeks to shift economic decision-making away from the capital.
Argentine President Javier Milei flies to Brazil to throw his weight behind Senator Flavio Bolsonaro's presidential run, hoping to extend a regional wave of right-wing electoral wins to Latin America's biggest country.

Business & Markets

A chart showing how US markets have performed this year

World stocks were headed for a weekly loss as a near-40% rise in oil prices this month ignited inflation fears and expectations for rate hikes around the globe.
US threats to sanction Chinese AI developers over alleged intellectual property theft and export-control violations risk unraveling efforts to establish a bilateral dialogue on AI safety.
Intel forecast quarterly profit and revenue above estimates, pushing its shares up 5.2% in after-hours trade and helping prompt the company to boost spending plans over the next two years.
Volkswagen no longer expects revenue to grow this year, after the German carmaker dropped its previous forecast, setting the stage for a radical overhaul in response to costly tariffs and intensifying competition from China.
A rapid rise in jet fuel prices is forcing US airlines to rewrite earnings expectations, exposing how quickly higher fuel costs can outpace revenue gains from strong travel demand.

The Week Ahead

As war escalation in the Middle East puts oil prices back to $100, investors now have two energy shipping chokepoints to watch.
The Federal Reserve is widely expected to hold rates steady on Wednesday in its second meeting under new chair Kevin Warsh.
The Bank of England has so far resisted the urge from some policymakers to hike rates. It's likely to do so again on Thursday.
The Bank of Japan meets on Friday, with much riding on policymakers to deliver a hawkish message that could haul the yen away from a four-decade low against the dollar.
Earnings reports from Apple, Microsoft and Amazon are due. It's also Europe's busiest week of this earnings season, with a line-up including LVMH, AstraZeneca, Shell, Airbus and UBS.
Here's all you need to know about the coming week in financial markets.

How Abhijeet Dipke became the face of India's first Gen Z protest movement

Abhijeet Dipke gestures to supporters during a sit-in protest in New Delhi

Abhijeet Dipke, head of the Cockroach Janta Party, gestures to supporters during a sit-in protest in New Delhi. REUTERS/Anushree Fadnavis

They were just six words posted on X in a moment of frustration: "What if all cockroaches come together?"

Now, the post's 30-year-old author is the face of what is arguably India's biggest street protest against Prime Minister Narendra Modi's government since he took office in 2014.

Read more

Photos of the Week

Larry the cat walks next to a dead mouse outside 10 Downing Street, on the day of the first cabinet meeting with new British Prime Minister Andy Burnham. REUTERS/Chris J Ratcliffe

A selection of our top photography from around the world this week.

View gallery

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