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CNBC Economy

Trump's new global tariff draws rebukes from trade partners over forced-labor justification

U.S. trading partners from Canberra to Brasília have rejected the forced-labor rationale behind President Donald Trump's new global tariffs, while most signaled they would keep negotiating rather than retaliate. The Office of the U.S. Trade Representative on Thursday took action under Section 301 of the Trade Act of 1974, imposing tariffs on 60 economies for what Washington called their failure to impose and enforce bans on goods made with forced labor. The duties — 10% for partners that have adopted or committed to import prohibitions, 12.5% for those that haven't — cover the top 60 US trade partners and 99.4% of American imports. The measure replaces a temporary 10% global tariff imposed under Section 122 of the trade act, which expires July 24, a stopgap put in place after the Supreme Court ruled Trump's emergency-powers tariffs unlawful in February. The forced-labor probes give the administration a more durable legal foundation for a baseline tariff that the courts had challenged. "These tariffs are unjustified, inconsistent with our free trade agreement, and should be removed," Australian Trade Minister Don Farrell said in a statement. "Australia's measures to combat forced labor and modern slavery are among the strongest in the world, and we are recognized globally, including in the U.S., for our leadership." Brazil's government called the tariffs "arbitrary" and "unjustified." President Luiz Inácio Lula da Silva said he remained open to negotiations but that Brazil would seek other markets if it couldn't sell into the U.S. The new duty stacks on a separate 25% Section 301 tariff imposed on Brazilian goods this month, rebuilding a 37.5% barrier — close to the 50% rate struck down as unlawful last year. Chile's government said the measure was inconsistent with the country's labor standards and the technical, political and legal evidence it submitted throughout the investigation, according to a statement from the trade undersecretariat in Santiago. It noted the U.S. resolution doesn't allege Chile exports goods made with forced labor, and said it would press for exclusions covering key export products. Canada, placed in the lower 10% tier with an exemption for USMCA-compliant goods, struck the mildest tone. The move "is not unexpected," Minister for Canada-U.S. Trade Dominic LeBlanc said in a statement, adding that Ottawa shares Washington's objective on forced labor and would "continue engaging constructively" in the coming weeks. New Zealand's foreign ministry said in a market report that the trade minister made clear Wellington disagrees with the investigation's findings and will continue to register that position with the U.S. government. Existing exemptions covering roughly 30% of New Zealand's U.S.-bound exports, including beef and kiwifruit, remain unchanged. The investigation is "not a labor-standards exercise but a mechanism for exporting America's import ban on Chinese goods, as well as an attempt to recreate the tariff regime struck down by the Supreme Court," the Peterson Institute for International Economics wrote earlier this week. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Trump's new global tariff draws rebukes from trade partners over forced-labor justification
Europe
The Guardian

Tariffs are Trump’s favorite plaything – and his justifications are absurd | Steven Greenhouse

‘Trump is essentially telling Canada: I have a right to punch you in the nose whenever I want. But if you punch me back, that’s illegal discrimination against the US.’ Photograph: Carlos Barría/ReutersView image in fullscreen‘Trump is essentially telling Canada: I have a right to punch you in the nose whenever I want. But if you punch me back, that’s illegal discrimination against the US.’ Photograph: Carlos Barría/ReutersOpinionDonald TrumpTariffs are Trump’s favorite plaything – and his justifications are absurdSteven GreenhouseThe president is using forced labor as a pretext to slap tariffs on countries around the world With the midterm elections less than four months away, it’s a precarious time for Donald Trump and Republicans: Trump’s war against Iran is going badly, his approval ratings are in the toilet, gas prices are soaring and pushing up inflation, and nation after nation is furious about Trump’s insults, bullying and ugly American unilateralism. So amid all this mess, what does Trump do? He turns to his favorite economic plaything: tariffs. On Monday, Trump signed orders to slap a 50% tariff on many Canadian goods, and four days later, he imposed across-the-board 10% or 12.5% tariffs on goods from more than 80 countries. Trump was no doubt thumping his chest, while millions of people overseas were dumping on him for yet another unnecessary, hostile act. Too bad for Republicans, and most Americans, though, because Trump’s fixation on tariffs will only worsen their troubles. Trump’s new tariffs will push up prices – let’s not forget that tariffs are taxes on imports, and US consumers will pay those taxes. A corollary of that: Trump’s tariffs will worsen Americans No 1 economic concern: affordability. In bad news for typical Americans, the Yale Budget Lab estimates that Trump’s tariffs will increase costs for the average US household by $1,100 each year. The tariffs are also likely to push Trump’s approval ratings deeper into the sewer. If Trump thinks these tariffs are going to distract Americans from thinking about the Epstein files or the disastrous mess he’s made with his Iran “excursion”, he’s deluding himself. The American people aren’t going to forget those things. It’s hard to tell whether Trump’s repeated use of tariffs is a fixation or an addiction. Emperor Donald I evidently loves tariffs because he can use them to clobber other countries whenever he wants. They’re a powerful cudgel he won’t let go of. Trump imposed his new tariffs on more than 80 countries on the very day that another set of tariffs he slapped on dozens of countries was due to expire. To paraphrase the actor Charlton Heston, I can imagine Trump saying: “I’ll give up tariffs when you take them from my cold, dead hands.” With these new tariffs, Trump is again engaged in his delusional, destructive tariff tomfoolery. They’ll push up prices, squeeze Americans’ wallets and anger other countries. Trump said his tariffs would boost US manufacturing, but the US has lost 75,000 factory jobs since he returned to office, with many executives complaining about all the herky-jerky uncertainty Trump has wrought. Assessing Trump’s effects on the economy, Atsi Sheth, the chief credit officer for Moody’s Ratings, told the New York Times :“Volatility and unpredictability is the new normal.” Like so much that Trump does, his new tariffs are clearly based on pique and false premises with lots of shamelessness and absurdity thrown in. After the US supreme court overturned Trump’s me-against-the-whole-world tariffs in February, Trump, refusing to let go of his tariff toy, turned to other strategies. To justify his new 50% tariffs against Canada – which are piled atop numerous other tariffs he’s imposed on a country that was long the US’s closest ally – Trump relied on a never before used provision of the Smoot-Hawley Tariff Act, a widely derided 1930 law that greatly worsened the Great Depression of a century ago. With this new tariff, placed on hockey sticks, paper, plywood, dairy products and many other Canadian goods, Trump invoked a Smoot-Hawley provision that allows retaliation against countries that engage in trade discrimination against the US. In making that case, Trump’s exhibit No 1 is something rather preposterous, or should I say rather shameless? After Trump imposed high, punitive tariffs on Canada last year, 11 of Canada’s 13 provinces and territories halted liquor imports from the US because they were so irate about those tariffs along with Trump’s outlandish and belittling statements that he wanted to make Canada the 51st state. The White House called this ban on US liquor illegal discrimination, while Canadians view it as a type of traditional trade retaliation that countries engage in when another country – here the US – slaps tariffs on them, a situation made worse by the fact that Trump’s tariffs against Canada are an egregious violation of the United States-Mexico-Canada Agreement. Trump also insists that Canada has improperly discriminated against the US because Canada imposed a 25% tariff on select US-made cars after Trump slapped a 25% tariff on Canadian-made cars. He is essentially telling Canada: I have a right to punch you in the nose whenever I want. But if you punch me back, that’s illegal discrimination against the US. That’s the logic of America’s leading stable genius, who also offered another far-fetched justification for his decision: “We’re going to put a big tariff on Canada because of the smoke,” he told reporters on Friday, referring to wildfire smoke that has crossed the US border. Ontario’s premier, Doug Ford, isn’t happy about Trump’s painful, new 50% tariff. “We won’t back down,” he said on social media. “The fastest and only way to get US alcohol back on Ontario shelves is for the U.S. to drop its illegal tariffs on Canada.” As for the new tariffs hitting more than 80 countries, Trump, who over the years has shown next to no concern about worker exploitation, turned rather surprisingly to the issue of forced labor to slap on those tariffs.

Tariffs are Trump’s favorite plaything – and his justifications are absurd | Steven Greenhouse
Europe
BBC Business

Oil price dives as US and Iran pause attacks

Image source, Getty ImagesByNick EdserBusiness reporterPublished27 July 2026, 11:43 BSTUpdated 9 minutes agoThe price of oil has fallen sharply on hopes that a pause in attacks between the US and Iran could help lead to a resolution to the conflict. Brent crude, the global benchmark for oil, sank more than 9% to below $88 a barrel at one point, marking a sharp turnaround from last week when it had risen above $100. The fall came after the US ambassador to the UN said attacks on Iran had been halted for a second night in a row to give "talks some space". An Iranian army spokesperson said on Sunday that Tehran had halted "retaliatory" attacks in the region in response. The outbreak of the Iran war triggered a sharp rise in oil prices as the conflict led to the effective closure of the Strait of Hormuz, a key shipping route which usually carries about 20% of the world's oil and liquefied natural gas (LNG). When Iran and the US signed a memorandum of understanding in June to halt military operations and reopen the strait, the price of oil fell back to pre-war levels of around $70 a barrel. However, the collapse of the ceasefire earlier this month reignited fears over global energy supplies and pushed the oil price back up. Last week it hit $100 a barrel for the first time since May, with added concerns coming after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia had used to bypass the Strait of Hormuz. Susannah Streeter, chief investment strategist at Wealth Club, said markets were remaining "cautious given the twists and turns during this conflict". Despite the sharp fall in crude, "there is still significant uncertainty baked into these prices and a reticence about whether negotiations will lead to a lasting breakthrough," she added. The conflict between the US and Iran - and its impact on oil - has pushed up the cost of fuel such as petrol and diesel in many countries. This often has knock-on effects on other prices, such as food, as businesses pass on the higher costs they are facing to customers, and this can push up the rate of inflation.

Oil price dives as US and Iran pause attacks
Europe
BBC Business

Thames Water boss says leakage targets 'not realistic'

The boss of Thames Water has claimed targets the company has been set over things like leakages are "not realistic". Thames has been criticised for its performance in recent years following a series of sewage discharges and leaks, and last year was fined a record £122.7m by regulator Ofwat, most of which was for breaching sewage spills rules. Chris Weston said Thames wanted "to do better" but said some of its targets were not achievable. Ofwat said company targets were "intended to be ambitious", while an environmental group said sewage pollution should not be accepted as inevitable. Thames, which has struggled for years under billions of pounds of debt, faces being put in a form of temporary nationalisation known as a special administration regime. But Weston said if that were to happen, there was a risk the taxpayer would have to bear the cost of funding it, and instead backed a rescue deal put forward by the firm's lenders. It is illegal to release raw sewage into rivers and seas during "normal" weather conditions, but firms are allowed to do so when it rains heavily, to prevent homes being flooded. Thames is the UK's largest water company, supplying water and wastewater services to 16 million customers across London and parts of southern England. Speaking to the BBC's Big Boss Interview podcast, Weston said the company treats 4.3 billion litres of waste a day, and "99.5% of the time" it gets treated successfully, although "sometimes something goes wrong". "We want to do better when it comes to pollutions," he said, but added, "the targets that the company is expected to make are not realistic. "[For example], we have to hit a certain level of leakage, but it is so far in excess of what we are capable of doing, I think anyone would be capable of doing, however much money you invested, that it is not going to be achievable." Ofwat told the BBC: "With around a fifth of water put into supply still lost through leakage, companies must deliver on the commitments they have been funded to achieve.

Thames Water boss says leakage targets 'not realistic'
Europe
BBC Business

'I pay £580 a month to live in a disused care home': Property guardians show us around

Would you live in a disused care home, pub or bank in exchange for a heavily discounted rent? As cost of living pressures persist, a growing number of people are applying to become so-called property guardians - living in vacant residential or commercial buildings to protect them from squatters, vandalism and disrepair. They typically pay 30-50% less rent than private tenants, sometimes with bills thrown in, in exchange for looking after the buildings. However property guardians also have significantly fewer rights than private renters and can be evicted with just 28 days' notice. Katrina, 29, has spent the last 10 months living with around 50 other people in an Edwardian mansion in Hampstead, London, which was used as a care home until 2015. The postgraduate student, who says she could not afford to rent privately in the capital, currently pays £580 a month for her room including bills and council tax, about £400 below the London average, external. Katrina says guardianship gives her the chance to live in an unusual property and describes the mansion as an "incredible" and "romantic" place despite it being "quite run down". Set in 1.7 acres of gardens, the building has grand staircases, south-west-facing balconies and chandeliers in some rooms, but it does have some downsides: "We've had mushrooms growing on the walls, leaks, parts of the balcony stonework have fallen off," says Katrina. Katrina says she loves the communal aspect of guardianship, which is "somewhere between living in university halls, a block of flats and a fancy squat". She lives with "all sorts of people", from lawyers to artists, sharing bathrooms, a kitchen and communal living areas, and regularly socialising. But there are disagreements over things like noise, she says. And while Lowe, the company that manages the property, operates a stringent vetting process for its guardians, two residents have been asked to leave because of antisocial behaviour - one for alleged sexual harassment. Lowe tells the BBC it acts "quickly and decisively" on the rare occasion someone breaches its standards and that the "overwhelming majority" of guardians go on to be "brilliant, community-minded residents".

'I pay £580 a month to live in a disused care home': Property guardians show us around
North America
Yahoo Finance

S&P 500, Dow, Nasdaq End Second Week Lower Over Elevated Oil Prices, Chipmaker Rout — PSKY, UBER, QCOM, VZ, INTC In Focus

U.S. stock indices ended mixed on Friday, ending their second consecutive week lower as investors assess big-tech earnings with heightened attention on geopolitical developments. The S&P 500 ended 0.1% higher, while the Nasdaq 100 slipped 1.2% and the Dow Jones Industrial Average ended 0.5% higher. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.1%. SpaceX dropped about 7% this week, its third consecutive weekly decline as investors turned jittery over bloated capex plans. Retail sentiment on Stocktwits for SPY dropped to the ‘extremely bearish’ zone, while sentiment for QQQ was ‘bearish’ and ‘neutral’ for the DIA with ‘high’ message volumes. Oil prices rebounded from their session lows following a Reuters report that Pakistan is considering a path toward establishing new peace negotiations between the U.S. and Iran, under an initiative pushed by China. Earlier this week, Brent crude futures surged past the $100-per-barrel mark for the first time since late May, though they subsequently gave up those gains, sliding nearly 4% to settle at $96.78. Concurrently, U.S. West Texas Intermediate futures experienced a 3% decline, ultimately closing at $89.31 per barrel. However, war risks continue to affect investor mindset. Oil prices, although they eased on Friday, still remain at elevated levels ahead of the Fed policy meeting due next week. “As we have seen multiple times in the past few years, equity markets tend to overreact to war developments, partly because war events tend to create uncertainty,” Thomas Lee at Fundstrat Global Advisors told Bloomberg. “But these periods of risk-off have been buying opportunities in the past, and we expect this to be the case again.” Going ahead, market participants will brace for the upcoming financial results from tech giants like Microsoft Corp. (MSFT), Meta Platforms Inc. (META), and Apple Inc (AAPL). scheduled for next week. Wall Street is seeking more definitive proof that the massive capital investments directed into artificial intelligence are successfully driving fresh growth rather than eroding profit margins. Paramount Skydance (PSKY): Paramount agreed to freeze its proposed $110-billion acquisition of Warner Bros. Discovery (WBD), putting the media consolidation on hold until June 1, 2027, or until a federal court rules on an antitrust lawsuit seeking to block the deal. Uber Technologies (UBER): Alphabet Inc.’s (GOOGL) Waymo is exploring options to end its robotaxi partnership with the ride-hailing company. Verizon Communications (VZ): The telecom operator signed a fiber infrastructure agreement with Alphabet Inc.'s (GOOG, GOOGL) Google worth more than $1 billion, as the telecom giant looks to capitalize on surging demand for data center connectivity driven by artificial intelligence.

S&P 500, Dow, Nasdaq End Second Week Lower Over Elevated Oil Prices, Chipmaker Rout — PSKY, UBER, QCOM, VZ, INTC In Focus
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex soars 500 pts at open, Nifty reaches 24,500 as crude oil slumps to $81 on Iran deal optimism

Sensex opened 788.7 pts higher at 78,883.34 on Monday against the previous close of 78,094.64 and at 9.16 am, it traded 543.52 pts or 0.70% higher at 78,638.16. Nifty 50 traded 168.45 pts or 0.69% positive at 24,552.05 after opening at 24,572.70 compared to the previous close of 24,383.60. Brent for October fell as much as 7.3% to $81.55 a barrel after Trump said he’d agreed to call off a massive attack on Iran as allies in the Middle East, including Saudi Arabia, asked him to pursue a deal instead. Equity markets are expected to remain focused on the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, the ongoing Q1 FY27 earnings season and global developments in the coming week, with investors closely tracking management commentary, macroeconomic data and geopolitical events for market direction. Meanwhile, experts said though RBI may hold rate in its August 3-5 meeting, the focus will be more on its outlook comments. Top losers: Sun Pharma (-1.88%), Cipla (-0.54%), Apollo Hospitals (-0.47%), Bajaj Auto (-0.36%) Sensex opened 788.7 pts higher at 78,883.34 on Monday against the previous close of 78,094.64 and at 9.16 am, it traded 543.52 pts or 0.70% higher at 78,638.16. Nifty 50 traded 168.45 pts or 0.69% positive at 24,552.05 after opening at 24,572.70 compared to the previous close of 24,383.60. * GAIL is increasingly leveraged to LNG imports into China and Europe, with potential upside from a U.S. natural gas glut expected in 2027 * European gas inventories are near three-year lows, while U.S. LNG export capacity is ramping up more slowly than expected “Nifty is expected to open sharply higher around 24,550, up nearly 170 points, supported by easing geopolitical tensions and a decline in crude oil prices, both of which have improved global risk sentiment. The reduction in war-related concerns and softer crude prices are positive for India, as they ease inflationary pressure and improve the outlook for corporate earnings. Technically, the index remains in a strong uptrend. 24,400–24,300 will act as the immediate support zone, while 24,700–24,800 is the next key resistance area. A decisive move above 24,800 could trigger fresh momentum and extend the rally towards higher levels. The overall market structure remains bullish, and traders may consider a buy-on-dips strategy as long as Nifty continues to hold above the 24,300–24,400 support zone. Momentum remains with the bulls, and sustained buying could lead to a breakout above the immediate resistance.”

Sensex today | Stock Market Live: Sensex soars 500 pts at open, Nifty reaches 24,500 as crude oil slumps to $81 on Iran deal optimism
Europe
BBC Business

Shein swings to $99m loss as Trump tariffs hit sales

Image source, In Pictures via Getty ImagesByPeter HoskinsBusiness reporterPublished1 hour agoShein says it swung to a quarterly loss as its sales slowed after US President Donald Trump removed an import duty exemption on small packages. It also comes as uncertainty remains over the tit-for-tat US-China tariffs wars, which is currently paused. The fast-fashion giant, which has its headquarters in Singapore but was founded in China, said it lost $99m (£74.1m) in the first three months of the year, compared with a net income of $395m a year earlier. The announcement is part of the firm's preparations ahead of its stock market debut in Hong Kong, although the filing did not give any details on the size, timetable or pricing of the planned initial public offering (IPO). "In response to the increased duties and taxes, we are pursuing a wide range of options, including increasing our prices in the US market to offset a portion of the increased costs," Shein said in the filing. The company also said the Iran war had hit demand, increased costs and caused delays of deliveries in some markets. The first-quarter figures also partly reflected a paper loss of $328m due to an accounting change for special investor shares. The shares can be turned into ordinary stock later, and their value can change before a listing. The filing showed that in the year to the end of March 2026 Shein had 281 million active customers - a rise of more than 16% on a year earlier - who placed a total of more than one billion orders. On 10 July, the China Securities Regulatory Commission (CSRC) gave Shein approval for a Hong Kong share sale after failed attempts to list in New York and London. The figures show the impact of a Trump-signed executive order to end a global tariff exemption that had been used by US shoppers of low-cost goods. That order, which came into effect on 29 August 2025, broadened an earlier presidential action which specifically targeted cheap products from China and Hong Kong to cover the rest of the world. The so-called de minimis exemption had allowed goods valued at $800 or less to enter the US without paying any tariffs. US consumers relied on the exemption to buy cheap goods from online commerce sites like Shein and Temu.

Shein swings to $99m loss as Trump tariffs hit sales
North America
Yahoo Finance

Capital Economics Warns Foreign Buying Boom Could Signal Risks for the S&P 500

Capital Economics believes the recent surge in foreign investment into U.S. equities could be another indication that the current stock market rally is becoming overstretched, pointing to previous periods when similar buying patterns preceded major market downturns. Chief Economic Adviser John Higgins said strong overseas demand for U.S. stocks has historically coincided with powerful advances in the S&P 500 that were later followed by significant corrections. Capital Economics noted that the United States’ long-running current account deficit naturally leads foreign investors to accumulate U.S. financial assets, with the country’s net external liabilities exceeding $21 trillion at the end of the first quarter. However, the firm highlighted a significant change in the composition of those holdings. Around two decades ago, foreign portfolio investment was concentrated primarily in U.S. debt securities. Today, equities account for the majority of those investments. According to Higgins, foreign investors now own more than 21% of the U.S. equity market, compared with just over 6% in 1997. Capital Economics said historical trends suggest that periods of heavy foreign buying have often coincided with stock market rallies that later reversed. The firm stated that “substantial increases in foreigners’ net purchases of US equities have coincided with sizeable rallies in the S&P 500 that have subsequently reversed,” citing the dotcom bubble, the Global Financial Crisis and the 2022 market decline as notable examples. It also observed that the latest increase in overseas purchases alongside the current rally “has been much larger than the increases in foreigners’ net purchases of US equities during the rallies of those earlier episodes.” According to Capital Economics, the current wave of foreign buying has been fuelled largely by enthusiasm surrounding artificial intelligence. The firm warned that this AI-driven investment trend “is likely to reverse if and when the bubble in AI bursts,” a scenario that could leave U.S. equities underperforming international markets. The firm believes that the currency’s performance in the event of a reversal in AI-related investment “would probably depend heavily on how much, if at all, the Fed eased monetary policy compared to other central banks.”

Capital Economics Warns Foreign Buying Boom Could Signal Risks for the S&P 500