New Tariffs Arrive as Oil Prices Soar

“We’ve all been down this road before,” the New York Times reports.

“President Trump issues a blitz of punitive tariffs on allies and rivals, straining trade, rattling bond markets, raising prices and injecting more uncertainty into the global economy.”

“The difference now is that the United States is at war with Iran, key trade and energy routes in the Persian Gulf region are blocked and the global oil price is near $100 a barrel. When Mr. Trump unveiled his original cold blanket of tariffs, on April 2, 2025, oil had been around $70 a barrel.”