Trump’s threats against Iran pushed Brent crude above $100 a barrel, reviving Middle East disruption fears and fueling inflation expectations. New tariffs of 10% or 12.5% were imposed on goods from 60 economies including China, India, the European Union, Japan and South Korea, potentially raising corporate costs and consumer prices. Canada became the latest trade target with additional 50% tariffs on around $20 billion of products including dairy, wine and construction materials. Restrictions on defence supply chains involving China and restricted markets were tightened, potentially benefiting US rare-earth producers but raising costs for defence contractors. A new aluminum tariff system now ties tariff relief to investment in US production, potentially benefiting domestic producers while creating higher costs for unqualified businesses.
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