New duties replace temporary 10% tariff expiring at 12:01 a.m. ET
The Trump administration said the tariffs are designed to combat forced labor and are meant to replace the president’s temporary 10% global tariff, which expires at 12:01 a.m. ET. Trump put that duty in place in February after the Supreme Court struck down most of his earlier global tariffs.
Countries that have laws on the books to combat forced labor received a 10% tariff, while those without such statutes received a 12.5% tariff, according to the administration.
The tariff announcement came as broader market pressures mounted. Brent crude futures jumped 7% to $100.69 after Houthi militants claimed attacks on two Saudi tankers in the Red Sea, pushing up borrowing costs around the world. The 10-year Treasury yield stood at 4.63%, its highest level in more than a year, according to FRED data, amid fears that inflation could heat up again.