Wealthion Macro Bites - US Imposes Blanket Tariffs on 60 Nations
US Central Command said Thursday it launched a 13th consecutive night of strikes intended to degrade Iran’s ability to attack commercial shipping in the Strait of Hormuz. Axios reports President Trump is “close to making a decision” on attacks that would be “bigger than ever before” because Iran isn’t ready to make a deal and “they haven’t received enough pain yet.”
Separately, President Trump promised "major military punishment" for Iran and its Houthi allies after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, and warned “that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls.”
Just as the temporary (150-day) Section 122 10% global tariffs expired on Friday, the Trump administration imposed blanket 10%-to-12.5% tariffs on 60 global trading partners covering 99.4% of U.S. imports. Exempted products include oil and gas, fertilizer, aircraft, critical minerals and certain foodstuffs and goods already subject to Section 232 national security tariffs, such as autos, steel, aluminum and copper.
The new duties will be imposed under Section 301 of the Trade Act of 1974 following a months-long investigation alleging failure to curb imports of supply-chain products made by forced labor. A senior administration official called the new tariffs the "most sweeping international labor rights action the U.S. has ever taken.”
Zimbabwe state-owned lithium miner Mutapa Energy Resources announced a $300M commitment from a group of companies to develop its domestic lithium assets. While Mutapa CEO Innocent Rukweza declined to identify the individual companies, he stated “It’s a done deal.” Bloomberg had previously reported the two involved companies are Zhejiang Huayo Cobalt and Tshingshan Holding Group. The Zimbabwe government is halting shipments of lithium concentrate (10% of ’25 global mined production) beginning 2027 to promote domestic processing of higher value products and curb illegal shipments of the metal.
