Trump Administration Announces New Tariffs on Over 80 Countries

July 23, 2026

AI Summary

5 min read

Trump Announces New Tariffs on 60 Countries; Oil Breaks $100 as Middle East Conflict Intensifies

The Trump administration unveiled new tariffs targeting 60 countries — covering roughly 99% of U.S. trade — while oil prices surged past $100 a barrel as Houthi attacks on Saudi tankers in the Red Sea threatened to choke a critical global shipping route. The 10-year Treasury yield hit 4.7%, its highest since January 2025, and mortgage rates rose to their highest in nearly a year. Meanwhile, IBM’s full quarterly report confirmed the depth of its problems: mainframe revenue fell 42%, and the company slashed its revenue guidance for the year.

New Tariffs on 60 Countries Replace Temporary Global Levy

The new tariffs replace President Trump’s temporary 10% global tariff, which expires tomorrow. That temporary tariff was put in place in February. The administration says the new tariffs are designed to push against forced labor. Countries with laws against forced labor received a 10% tariff; those without such laws received a 12.5% tariff. Some goods, like steel, are exempt because they fall under a separate national security tariff.

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What you'll learn

1 (00:33) **New Tariffs on 60 Countries** - The Trump administration unveils new tariffs to replace the temporary 10% global tariff, targeting 99% of U.S. trade.
2 (02:10) **Nuclear Deal with Saudi Arabia Tied to Israel Normalization** - President Trump adds a condition to the Saudi nuclear deal, requiring normalized relations with Israel.
3 (02:47) **Trump Threatens Iran Over Houthi Attacks** - The U.S. will hold Iran responsible for Houthi attacks, threatening military punishment after Houthis fired on Saudi tankers.
4 (04:20) **Oil Prices Surge Past $100** - Brent crude jumps 7% to over $100 a barrel, the highest in two months.
5 (05:00) **Treasury Yields Hit 18-Month High** - The 10-year Treasury rises to 4.7%, driven by the breakdown in the Iran ceasefire and higher energy prices.
6 (06:18) **Mortgage Rates Rise, Pay Gains for Lower-Income Workers** - The 30-year fixed rate averages 6.58%, the highest in nearly a year.
7 (07:52) **Intel and Blackstone Earnings** - Intel beats Q2 expectations with sales up 25%, and its stock rises 12% after-hours.

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Show Notes

P.M. Edition for July 23. The U.S. plans to impose new tariffs on most trade partners, replacing President Trump’s temporary global 10% tariff. Plus, the threat of escalating conflict in the Middle East drove oil prices over $100, and concerns around higher inflation made bond yields surge. WSJ markets reporter Sam Goldfarb discusses how that ripples through the economy. Meanwhile, heavy AI spending from Alphabet and Tesla spooked investors, and the Nasdaq dropped more than 2%. And after IBM issued a rare profit warning last week, the company’s earnings shed more light on what went wrong. We hear from reporter Anissa Gardizy about where its business goes from here, while tech columnist Christopher Mims spoke with IBM CEO Arvind Krishna. Alex Ossola hosts.

Correction: New U.S. tariffs target 60 economies, or more than 80 countries. An earlier version of this podcast incorrectly said the tariffs target 60 countries. (Corrected on July 24.)

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