The Trump administration has implemented new tariffs structured to withstand legal challenges, replacing a temporary 10% global tariff that expires soon. These new duties, ranging from 10% to 12.5%, are specifically designed to combat forced labor. Countries with laws against forced labor face the lower tariff, while those without such statutes will incur the higher rate. This move follows the Supreme Court's decision to strike down most of the previous global tariffs imposed by President Trump in February.

Meanwhile, global markets are reacting to geopolitical tensions. Brent crude futures surged to $100.69 a barrel following Houthi attacks on Saudi tankers, raising concerns about rising inflation and increasing borrowing costs. The yield on the 10-year Treasury has reached its highest point in over a year. In response to escalating regional conflict, President Trump stated the U.S. would hold Iran responsible for future Houthi attacks, with bipartisan support from GOP lawmakers amid rising war anxieties.