US proposes new tariffs

The US proposed new tariffs on its biggest trading partners, adding to the mounting threats against international commerce. Washington said it would impose a 10% levy on Canada, the EU, Mexico, and the UK and 12.5% on China, India, and others for failing to crack down on forced labor; the Trump administration is separately due to determine this month whether it will impose duties on refined copper, with firms appearing to stockpile the metal ahead of the looming deadline, driving a surge in the commodity’s price. The continued de facto closure of the Strait of Hormuz, meanwhile, is piling further pressure on trade, with the heads of major international economic bodies jointly warning that the conflict presents “increasing risks.”