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America In Focus: New tariffs, soaring gas, mortgages and a down week for Wall Street
AP News • • business
Key Points:
- President Trump is implementing new tariffs of 10% to 12.5% on imports from 60 trading partners accused of insufficiently enforcing bans on forced labor goods, replacing temporary worldwide tariffs that expired recently.
- U.S. gasoline prices surpassed $4 per gallon amid rising global crude oil prices, which climbed above $100 per barrel for the first time in two months, influenced by escalating conflicts involving the U.S. and Iran.
- Jobless claims in the U.S. fell to the lowest level since 1969, indicating a strong labor market despite global economic uncertainties, with weekly applications dropping to 187,000 last week.
- The average 30-year fixed mortgage rate rose to 6.58%, the highest in nearly a year, increasing borrowing costs for homebuyers and potentially slowing housing market activity.
- U.S. stock markets declined amid mixed corporate earnings reports and geopolitical tensions affecting oil supply, while Ford recalled over half a million Broncos due to a wiring defect that could cause engine fires.
