Trump Administration Announces New Tariffs on Over 80 Countries
episodePreviously titled “Trump Administration Announces New Tariffs on 60 Countries” — renamed by the publisher on Aug 3, 2026
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What is the main topic discussed in this episode?
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The Trump administration unveils new tariffs on more than 80 countries. Plus, oil prices pass $100, the 10-year Treasury hits an 18-month high, and mortgage rates are at their highest levels in nearly a year as the Middle East conflict ripples through markets. And IBM's earnings tell investors more about what went wrong for its business in the second quarter.
Investors believed IBM when they said that AI was a tailwind for them and that customers really needed to buy more mainframes so that they could do more AI. But as we saw last quarter, that actually wasn't the case.
It's Thursday, July 23rd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News? The top headlines and business stories that move the world today. the U.S. will impose new tariffs on its major trading partners. The new tariffs are meant to replace President Trump's temporary 10 percent global tariff, which expires tomorrow. Trump put that temporary tariff in place in February, after the Supreme Court struck down many of his tariffs. The new tariffs target more than 80 countries, or about 99 percent of U.S. trade. The administration says they're designed to push against forced labor. Countries that have laws against forced labor were given a 10 percent tariff, while those without those laws were given a 12.5 percent tariff.
There are exemptions for some goods, like steel, which comes under a separate national security tariff. The tariffs aren't expected to have much immediate impact, since their rates are similar to the 10 percent global tariff that they're replacing. But trade experts say that the administration has other tariff plans, and those could raise costs for businesses and consumers. President Trump has added a new hurdle to the nuclear deal with Saudi Arabia, its contingent on the kingdom normalizing relations with Israel. Saudi Arabia was close to doing so during the Biden administration. The October 7, 2023 attack by Hamas and subsequent war sidetracked those talks.
What new tariffs did the Trump administration announce and which countries are targeted?
The Saudis now are open to normalization, but they insist that the Israeli government commit to a plan to establish a Palestinian state. The 30-year, multi-billion-dollar nuclear deal with Saudi Arabia was announced yesterday, and it potentially opens the door to uranium enrichment in Saudi territory. The Saudi embassy in Washington didn't respond to a request for comment. On the conflict with Iran, President Trump said the U.S. would hold Iran responsible for future attacks by Houthi militants and threatened, quote, military punishment on both. His threat comes after the Houthis fired on two Saudi tankers in the Red Sea. The group says the ships violated a naval blockade it has imposed on Saudi shipping.
It's a move that threatens to choke an important route in the global oil supply. WSJ national security reporter Lara Seligman says that even though the Houthis are in Yemen and aren't operating anywhere near Iran, the group has a well-known relationship with the country.
Iran has historically supplied arms and other resources to the Houthis. So obviously we're in this broader direct conflict with Iran. The Houthis have stayed out of it, but now we're seeing them take on the Saudis in this separate conflict that Trump is now linking to the broader Iran conflict.
Trump is considering expanding the conflict with Iran.
Trump has been escalating the rhetoric against Iran lately. The tenuous ceasefire deal that they've made is falling apart. Iran keeps attacking ships in the Strait of Hormuz.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–2:27
2
What new tariffs did the Trump administration announce and which countries are targeted?
2:27–7:52
3
How do the new tariffs differentiate countries with and without forced labor laws?
7:52–8:54
4
What exemptions and near-term economic impact are expected from the tariff plan?
8:54–12:23
5
How is escalating Middle East conflict affecting oil supply and prices?
12:23–13:29
Speakers
5 identifiedMore from WSJ What’s News
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