The Trump administration is maintaining its elevated tariff rates without modification. Peter Harrell, former senior director for international economics under the Biden administration, attributes this stability to rising energy prices driven by the US-Iran conflict. Brent crude is approaching $100 per barrel and gasoline prices exceed $4.10 per gallon across much of the country. These tariffs, applicable to approximately 80 countries with rates of 10-12.5%, took effect in July 2026. Geopolitical tensions near the Strait of Hormuz, through which roughly a fifth of global oil supply passes, continue to fuel this increase in energy costs.
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