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Focus

Rude tariff reminder after oil shock

By Patricia Cohen
A file photo of workers unloading produce from trucks in Manila, Philippines, on July 18. Donald Trump’s tariffs are back, but this time there is a conflict in the Persian Gulf and oil prices are shooting up. The combination will be a serious test of the global economy. — Jes Aznar/The New York Times

WE’ve all been down this road before.

US President Donald 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.

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Philippines; Peterson , Peter G , Institute for International Economics; Japan; Supply Chain; Ukraine; Institut d'Etudes Politiques de Paris; United States International Relations; Decisions and Verdicts; Persian Gulf; Strait of Hormuz; East Asia; Inflation (Economics); Prices (Fares , Fees and Rates); International Relations; Chicago (Ill); Paris (France); Trump , Donald J; Red Sea; United States; United States Economy; Houthis; Russia; South Korea; International Trade and World Market; China; Taiwan; Iran Israel War (2025 ); Iran; Iran Israel Proxy Conflict; Saudi Arabia; Europe; Nomura Holdings Inc; Computer Chips; Xi Jinping; Israel; Stocks and Bonds; Yemen; ING Groep NV; Politics and Government; Government Bonds; Northern Trust Corporation; US and Israeli Attack on Iran (2026); Business; Customs (Tariff); Supreme Court (US); United States Politics and Government; War and Armed Conflicts; Economic Conditions and Trends; Institute for International Economics; Russian Invasion of Ukraine (2022); Basketball; Middle East; Netherlands; Far East , South and Southeast Asia and Pacific Areas; Tulsa Shock; Oil (Petroleum) and Gasoline; European Union

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