Oil surges to $100 per barrel. And, Trump imposes a new round of tariffs

Oil surges to $100 per barrel. And, Trump imposes a new round of tariffs

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The House yesterday approved a resolution to remove U.S. forces from the war in Iran as the conflict continues to escalate in the Middle East. The non-binding resolution reflects lawmakers’ disapproval of a war they did not vote to authorize. It marked the second such rebuke passed by the House since the war began. Soon after the House vote, Senate Democrats attempted to advance their own war powers resolution, but it failed 47 to 49. In the past two weeks of renewed fighting, the U.S. has launched strikes on Iran, while Iran has targeted American bases in the Gulf and Jordan, impacting global energy markets.

The U.S. Capitol is seen from the Cannon House Office Building on July 22.

J. Scott Applewhite/AP


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J. Scott Applewhite/AP

  • 🎧 Brent crude oil reached its highest level since May yesterday when it surged more than 6% to $100 a barrel, NPR’s Hadeel Al-Shalchi tells Up First. The spike will impact everyday people, increasing costs for school supplies and fresh food. Shipping companies like UPS are tacking on fuel surcharges. Prices rose after Iran-backed Yemeni Houthis attacked two Saudi oil tankers in the Red Sea. The Houthis said they got involved in the war to retaliate against Saudi Arabia for its siege on Yemen and assaults on the capital’s international airport. Earlier this week, the rebel group also threatened to blockade the Bab el-Mandeb Strait. The strait is another crucial chokepoint for oil and fuel transport, in addition to the Strait of Hormuz, which the U.S. and Iran have been fighting for control over. The ongoing conflict has also led some foreign missions to reduce their presence in Iran, according to Al-Shalchi.

The Trump administration announced overnight that it is imposing tariffs on 59 countries and the European Union. The new tariffs have two tiers — 10% and 12.5% — and went into effect at midnight, at the same time as when a 10% global tariff struck down by the Supreme Court earlier this year expired. The administration said it imposed these new tariffs because these countries are importing goods made with forced labor. The tariffs cover more than 99% of imports to the United States. Major categories like energy and many foods will remain exempt. Earlier this week, President Trump also signed proclamations to impose 50% tariffs on a selection of Canadian goods.

  • 🎧 Polls show that Americans largely disapprove of tariffs and that their approval of Trump’s handling of the economy has declined, NPR’s Danielle Kurtzleben says. Despite public opinion, she says Trump views tariffs as a tool to pressure other countries into making concessions on things like trade deals. As the midterm elections approach, the administration continues to assert that its tariff policies will yield long-term economic benefits. Some economists caution that it is risky to ask voters to back a potentially unpopular approach, given the uncertainty of future outcomes.

A vigil last night in Madison, Wisconsin, drew hundreds of people mourning 38-year-old Corey Ruiz, a man shot and killed by police on Wednesday. Madison Police Chief John Patterson said that officers responded to a call about a man checking cars. When they arrived, Ruiz fled on his bike. When officers attempted to arrest him, he produced a knife and injured one officer, according to the police chief. Four officers were involved in the incident. The officer who was injured was the one who shot Ruiz. Authorities have not yet released his name. The four officers have been placed on administrative leave.

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