US Announces 10-12.5% Tariffs on 60 Partners; S&P 500 at 7,609.90

The US has announced new import tariffs of 10-12.5% on 60 trading partners, including the UK, EU, Canada and Japan, over forced labour concerns. The measures follow a USTR investigation and cover countries accounting for 99.4% of US imports. They build on earlier contested tariffs and a temporary 10% global duty set to expire in July. Markets showed limited immediate reaction, with the S&P 500 little changed at 7,609.90, though higher input costs and trade uncertainty are expected to pressure margins in retail, manufacturing and consumer goods sectors.