“Grand Bahama has substantial previously disturbed, abandoned, and under-utilised industrial land. Responsible development should prioritise restoration, remediation and redevelopment before sacrifcing additional natural habitat wherever practicable,” the petition added. “There is an opportunity here to transform deteriorated industrial property into productive land without automatically
accepting large-scale extraction as the only - or best - economic future. “Development should leave Grand Bahama more valuable, not merely more excavated. We must evaluate value diferently. Not simply: ‘How much rock can be removed?’ but ‘what can this land generate for Bahamians over the next century?’ Jobs matter. Investment matters. Freeport Harbour matters. “But so do our freshwater resources, coastline, beaches, forests, biodiversity, fsheries, communities,
climate resilience and the inheritance we leave future generations. Economic development and environmental stewardship are not mutually exclusive. Properly designed, they reinforce one another. Our position is straightforward: Do not approve irreversible mining frst and ask the larger development questions later.”
The project’s EIA, completed in October 2024, details Bahama Rock’s ambitions to excavate and quarry aggregates from a large section of the 515-acre
Gov’t urged: Go beyond diplomacy, treat as ‘national economic priority’
LEVY - from page B1
A previous government position paper, submitted to the US Trade Representative’s Ofce as part of The Bahamas’ bid to ward-of the Trump administration’s plan to levy tarifs on goods made by this nation and 59 others, on the basis they have failed to ban imports made with forced labour, warned that $985m worth of exports to the US could be impacted based on 2024 trade data.
This fgure includes $50m$60m in annual crawfsh sales, plus other products, by Bahamian fsheries; $55.7m worth of Polymers International’s styrene polymers; plus $39m in “pearl products”. The Bahamas’ greatest physical goods export to the US was listed as refned petroleum, valued at $610m, which likely represents products blended and refned at Buckeye Bahamas, while other categories included ‘documents of title’ worth $95.2m.
While the Bahamian economy is largely a services exporter, with this segment making up the bulk of annual economic output or GDP, Mr Thompson nevertheless agreed that goods exports to the US represent a valuable source of foreign currency earnings and that the Trump tarif impact will be felt disproportionately by Family Island communities that rely heavily on afected industries such as fsheries.
The Government had hoped reforms to the Customs Management Act, passed alongside the 2026-2027 Budget prior to end-June 2026, and which prohibit the importation of goods to The Bahamas “if there are reasonable grounds to believe” they have been made with forced labour, would have been sufcient to address US concerns.
Prime Minister Philip Davis KC signalled as
much during the 2026-2027 Budget debate, but Mr Thompson said the “reality” now faced by The Bahamas is that the Trump administration has turned threat into “reality”. As a result, he urged that “every diplomatic and economic resource should be brought to bear” to secure the 12.5 percent tarif’s removal at the earliest opportunity to preserve the competitiveness of Bahamian exports in the country’s largest overseas market.
“I raised this issue during the Budget debate that this threat was looming, and the Government as I understand passed the legislation to seek to deal with the threat,” Mr Thompson told Tribune Business. “Unfortunately, this threat has now become a reality.
“I think the Government has to move with urgency to engage with the US and also the Bahamian public and all the businesses afected. They must treat this as a national priority because this is a tarif that afects businesses and, with every business that is afected, we have to look at the workers, the families and the communities that will be afected.
“This must be treated as a national priority. We cannot just look at this as business as usual. It cannot just be a matter of diplomacy. The Government must treat this as a national economic priority. That was the reason why I raised it during the Budget debate. I raised the alarm for the businesses and for the industries that will be severely afected but, unfortunately, the US has taken action. So the Government must treat this as a national economic priority.”
The frst Davis administration appeared to take the threat seriously. Ryan Pinder KC, the then-attorney general, submitted The Bahamas’ national position during the US Trade Representative’s Ofce’s frst
round of consultation on the forced labour tarifs, arguing that the dominant share of total Bahamian imports enjoyed by US goods undermines the notion they are being squeezed out by cheaper products made with forced labour.
He added that The Bahamas “respectfully requests that the US Trade Representative’s Ofce makes a negative determination that any of the Government’s acts, policies or practices are actionable under Section 301 of the Trade Act 1974, or alternatively, suspend the investigation to allow time to see if a satisfactory solution may be reached between our two nations”.
Danya Wallace, director of legal afairs in the Attorney General’s Ofce, was also dispatched to Washington D.C. to testify on one of the panels at the US Trade Representative’s public hearings. She also afrmed that Bahamian law and the constitution prohibit forced labour practices within the domestic economy.
“Under the constitution of The Bahamas itself, there is something enshrined within the constitution at Article 18 that prohibits slavery and forced labour, and in reading that Article 18, it reads in similar form to the Article 2 of the International Labour Organisation (ILO) protocol of 1930, and so we have that as the highest form of legal enforcement,” Ms Wallace said.
“We also have within our domestic law, both under the Employment Act as well as the Industrial Relations Act, protections and safeguards for employees, as well as the right to have a bargaining agent and representation. We also have before us the Trafcking in Persons Prevention and Suppression Act, and in the most recent TIPPS report of 2025, The Bahamas maintained its Tier 1 standard in that regard.” This, though, appears to
former Bahamas Cement Company property that it now poised to acquire. Once sufcient material is extracted, a new turning basin and “deep-water berths” will be created to facilitate greater use of Freeport Harbour and its value as an economic asset.
The proposal by Bahama Rock, which is owned by Martin Marietta, the multinational aggregates, asphalt and ready-mixed concrete supplier, will be subjected to public scrutiny at Wednesday’s consultation set for the Foster B.
have cut little ice with the Trump administration.
“The decision by the United States to impose a 12.5 percent tarif on Bahamian exports is deeply disappointing and represents a serious challenge for Bahamian businesses that rely on access to the US market,” Mr Thompson said in yesterday’s statement.
“Several weeks ago, I expressed concern that the issues raised by the US posed a real risk to Bahamian exporters and urged that this matter be treated with the urgency it deserved. Unfortunately, those concerns have now become a reality. Our focus must now be on protecting the Bahamian businesses, workers and families who will bear the consequences while securing the earliest possible removal of these tarifs.
“Every day these tarifs remain in place, Bahamian exporters are placed at a competitive disadvantage. When our exporters lose business, it is not only companies that are afected. Fishermen, factory workers and many other Bahamians whose livelihoods depend on these industries also feel the impact. Reduced exports mean fewer opportunities for businesses to grow, invest and create jobs, particularly in communities that depend on these industries,” the east Grand Bahama MP added.
“The Government has indicated that it has strengthened our laws and is engaging with the US. That engagement is necessary, but engagement alone is not enough. The Government must now make the removal of these tarifs an immediate national priority.
Pestaina Centre as part of the process for obtaining certifcates of environmental clearance (CECs) and other key approvals. While the EIA is now almost two years old, the meeting signals that Bahama Rock is now poised to pull the trigger on plans that will sustain its presence in Freeport for some years to come. No timeline was provided for when aggregate mining will be completed, and Freeport Harbour expanded, although the company confrmed that the Bahama Cement Company purchase hinges on it obtaining all mining, environmental and
“This matter cannot be treated as routine diplomacy. Every diplomatic and economic resource should be brought to bear to secure the earliest possible removal of these tarifs while working closely with afected industries to minimise their impact. The Government must not relent until these tarifs are removed. The longer they remain in place, the greater the uncertainty for Bahamian businesses, the greater the risk to jobs, and the greater the cost to our economy,” he continued.
“Behind every export shipment are Bahamian workers, families and communities that depend on these industries for their livelihoods. Protecting those jobs and opportunities must remain our highest priority. At the end of the day, Bahamian businesses and workers need these additional tarifs removed. That must now be the Government’s focus.”
International economics commentators have suggested Mr Trump seized on the 1974 Trade Act’s section 301 as a stronger weapon to support his tarifs, and get around the US supreme court’s rejection of his previous ‘Liberation Day’ tarifs, by grounding them on allegations other countries have failed to crack down on forced labour.
They have described the evidence against The Bahamas and others as fimsy at best, but almost impossible for them to disprove. However, legal challenges against the latest tarifs have already been launched on the basis that the US has failed to conduct a thorough-enough investigation to make the
other necessary regulatory approvals. The move coincides with increased economic activity and investment directly related to Freeport Harbour, which is 50/50 owned by Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd afliate. Besides the arrival of the Grand Bahama Shipyard’s two dry docks, and continued growth at the Container Port, Mediterranean Shipping Company (MSC) is investing $450m at Billy Cay to expand the Harbour’s cruise berths together with a beach club and upgraded retail village.
claims against The Bahamas and 59 other states stand-up.
Dr Duane Sands, the Opposition’s chairman, questioned whether The Bahamas’ hiring of Cuban doctors and medical practitioners - which the US has branded as akin to forced or slave labour, because the majority of the wages are paid to a Castro government entity as opposed to the workers themselves - may have factored into the US decision.
“The Bahamas and Bahamians should defend The Bahamas and Bahamians as frst priority,” he told Tribune Business, “looking out for the interests of The Bahamas and Bahamians. That said, we have to be honest with ourselves: What did we know, when did we know it, and what did we do? This is more than feigned indignation. Did the response meet the concerns?
“It’s critical to businesses who continue to export products out of our economy. Hopefully we’ll get to the point where the administration sits down with the Trump administration and it responds to the issue to mitigate the potential problem. What we need to do is make sure this economy is growing at a rate to deal with the many challenges we have, and it’s not growing at the rate we need it to.
“This tarif may not seem that grand to some people, but it could be the straw that breaks the camel’s back. I’m hoping this results in let’s roll up the sleeves, sit down, engage and get this problem resolved. Let’s see whether we can get The Bahamas down to zero or a nominal tarif scenario.”
Dealer con dent 10% sales growth maintains despite competition surge
by inexpensive Chinese combustion engine vehicles which are not being sold in China, so they are coming here. The transition to inexpensive gas cars is better than third-hand gas cars.”
Ms Farmer, though, was quick to assert that Easy Car Sales’ are not being impacted by the cut-price Chinese vehicle infuence.
“Our sales are not being impacted in terms of that,” she added. “It’s something that we noted in the market.
We are doing well, we are busy, and people are interested in electric vehicles and seeing the beneft….
“We consistently grow every year by at least 10 percent or more, so we continue to expect that growth as people transition more to electric vehicles and the Government transitions its feet to electric. We expect there will be increased business from that and it’s going to be spread across diferent dealerships. We expect to
Canada
continue that growth. The rest of the world, the rate of electric vehicle sales rose by 28 percent. It’s inevitable.”
Electric vehicles presently account for between 12-15 percent of all new auto sales in the Bahamian market, and this will have to jump three to four-fold to meet the Government’s targeted 50 percent market share by 2035. This commitment was made as part of The Bahamas’ third nationally determined contribution (NDC) setting out this country’s pledges on fghting global climate change to the United Nations (UN). Ms Farmer, meanwhile, said the persistence of high and volatile oil prices, with Brent crude hovering just below $97 per barrel as this newspaper went to press, continues to aid the economic case for vehicle purchasers to switch from gas and diesel to electric. She asserted that it now costs the equivalent of “less than $2 per gallon”, based on Bahamas Power & Light
celebrates new bridge
to US during tari troubles with Trump
By MIKE HOUSEHOLDER and ED WHITE Associated Press
CANADA on Friday celebrated the completion of a new bridge to the U.S. over the Detroit River, cutting a ceremonial ribbon on a multibillion-dollar, multiyear project that will serve as a critical path for trade, jobs and tourism between the countries.
As the six-lane Gordie Howe International Bridge dominated the skyline behind them, ofcials lined up in Windsor, Ontario, to hail what one described as “one of the most signifcant infrastructure achievements in Canada’s history.” The bridge opens to trafc on Monday.
“Some days are remembered because they mark the end of a journey. Others are remembered because they mark the beginning of something entirely new. Today is both,” said Chuck Andary, interim CEO of the Windsor-Detroit Bridge Authority, which will operate the bridge.
Missing from the event: U.S. and Michigan representatives. Canada scratched a joint gathering after President Donald Trump this week suddenly announced 50% tarifs on Canadian goods entering the U.S. A soloist sang
the national anthem, “O Canada,” but the U.S. anthem was not performed.
“Our relationship has been challenged over the last few years, and President Trump is threatening tarifs just this month. But team Canada has never been more united,” Ontario Premier Doug Ford told the crowd, which applauded at times during his defense of the country.
More than 70% of Canada’s exports go to the U.S., making America its largest trade partner, and Detroit is the No. 1 port for truck trafc on the U.S.-Canada border, according to the U.S. Department of Transportation.
The Howe bridge will instantly create competition. For nearly a century, the privately owned Ambassador Bridge has been the only route for large commercial trucks moving between the U.S. and Canada at Detroit. Businesses say the new span will be faster and less expensive.
The bridge is named for Howe, a Canadian icon — “Mr. Hockey” — who played on the other side of the Detroit River for the NHL’s Detroit Red Wings. He died in 2016. Ford and Mark Wiseman, the Canadian ambassador to the U.S., wore hockey sweaters with Howe’s No. 9.
Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certi ed in writing to the undersigned on or before the 23rd day of July A.D., 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; a er the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice.
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.
MICHAEL
(BPL) prices, for an electric vehicle to travel the same distance as a gasoline car with fuel between $6.50 to $7 per gallon.
“Certainly we see that people are considering electric vehicles more today than ever before because of high fuel prices,” Ms Farmer asserted. “World events are causing great strain on people’s already-stretched budgets and volatility of gas prices doesn’t seem to be going away any time soon.
“Those who are in the market for new vehicles are now considering electric vehicles more because the price of electricity is fxed versus gas prices changing every day. They are fearful they will not be able to aford to fll up their tanks. It’s stressful. Today it costs $2 or less in electricity at BPL prices. including surcharges, to go the same distance as a gallon of gas at $6.50 or $7 so savings are immediate and tangible.”
The Easy Car Sales chief added that electric vehicle adoption is also increasing
on the Family Islands given that fuel prices there are much higher than Nassau. She also argued that service costs are lower with maintenance required once per year.
“For those who worry about electricity reliability, it’s not an issue because you only charge on average once a week, and generally we recommend you plug in when the battery is at about 25-30 percent of capacity, which means you still have about 70-plus miles of range left in the battery. People think you have to plug in daily; that’s a total myth,” Ms Farmer added.
“Today, for the frst time, people are upgrading their electric vehicles so we have started a certifed pre-owned electric vehicle division to accommodate buyers with a smaller budget and their warranties will be honoured fully…. Pre-owned electric vehicles sell of the lot as soon as we park them. But only buy a pre-owned electric vehicle from a dealer
who can guarantee it has been properly maintained and will honour the full warranty. Otherwise, it’s risky not to have a factory warranty.” Ms Farmer said construction is also ongoing at Easy Car Sales’ new Abundant Life Road headquarters.
“Plans continue to progress there,” she added. “I imagine by next year our headquarters will be fully outftted at Abundant Life Road. We want to modernise things as well, and we will be having solar production going in there with URCA’s approval and projects going there. We are growing and solidifying our presence at Abundant Life Road.”
The Bahamas has pledged that 80 percent, or four out of every fve new vehicles sold by 2035, will either by fully electric or hybrid. The Government is targeting 30 percent market share for the latter.
Gasoline-powered autos will, though, not disappear overnight despite the Government’s climate change ambitions and will still be around in The Bahamas for decades. However, this nation’s third NDC states: “Decarbonisation of the transport sector has also
Trump says the US will investigate EU trade practices, claiming the bloc unfairly ned tech giants
By DARLENE SUPERVILLE and COLLIN BINKLEY Associated Press
THE United States will open a formal investigation into the European Union’s trade practices, President Donald Trump said on Friday, claiming the bloc has unfairly levied billions of dollars of fnes against Google, Apple and other U.S. tech giants.
The Republican president made the announcement a day after the EU hit Google with a fne of 890 million euros, or $1 billion, after it said the technology behemoth broke digital antitrust regulations by setting up Google Play and its ubiquitous search engine to corral consumers toward its own services and apps to the detriment of competitors.
In a lengthy post on social media, Trump said he has warned the EU about its practice of fning U.S. tech companies. He named Google, Apple, Meta, Amazon and others.
“The United States of America is not a ‘PIGGYBANK’ for Europe, nor will we allow it to be!” Trump said, adding that his post should serve as notice of an immediate trade investigation “into the practice of ‘ROBBING’ American Companies and, in turn, the American Taxpayer.”
“The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about,” he said.
In the post, Trump asserted that the penalties against the companies “will be entirely reversed” and predicted “a substantial TARIFF” would be placed on the EU “at the earliest possible moment.”
“Stay tuned!” he said.
Investigation follows new Trump tarifs Trump’s move comes a day after the White House announced double-digit tarifs on imports from more than 60 countries, accusing them of inadequately enforcing bans on goods produced by forced labor. The new tarifs replace temporary 10% worldwide import taxes that Trump imposed after the Supreme Court struck down his biggest tarifs.
The new tarifs are being implemented using Section 301 of the Trade Act of 1974, which permits the president to impose import taxes and other sanctions against countries found to engage in “unjustifable,” “unreasonable” or “discriminatory” trade practices.
José Castañeda, a spokesperson for Google, said the company has worked hard
to comply with the EU’s Digital Markets Act and has expressed its concerns about the efects of recent decisions by the European Commission.
“We appreciate the engagement by the administration and U.S. government,” he said. Representatives of Amazon, Apple, Meta, and Microsoft did not immediately respond to requests for comment. There also was no immediate comment from the Brussels-based European Commission.
Trump had threatened retaliation over EU fnes
The EU’s billion-dollar fne against Google was the latest major crackdown on Big Tech by Brussels, which has led the world in reining in some of the world’s largest companies from Silicon Valley to Beijing.
been accelerated through the introduction of electric and hybrid vehicles, and opportunities for development of a public transportation system….. “Decarbonisation of the transport sector represents another major area of emissions reduction. In line with the [third] NDC’s enhanced ambition, The Bahamas aims to achieve 50 percent of new vehicle sales as electric vehicles (EVs) and 30 percent as hybrid vehicles by 2035,” the Government’s latest NDC said.
“This target efectively means that only 20 percent of new vehicles sold in the country will be powered solely by fossil fuels after 2035. Signifcant progress has already been made toward this transition.
“In 2022, the Government of The Bahamas led by example by introducing 50 BYD electric vehicles ahead of COP 27, followed by an additional 185 electric vehicles integrated into the Government feet. To further accelerate adoption, import duties on electric vehicles have been reduced to 10 percent and 25 percent, depending on vehicle value and type.”
It has done so despite the risk of incurring the wrath of Trump, who has lashed out at the 27-nation bloc’s digital regulations in a broader campaign against Europe: imposing high tarifs, making threats to seize Greenland from Denmark by force, and rattling trust within the NATO military alliance.
Trump had threatened retaliation if American tech companies are penalized.
Google had recently lost its appeal of a $4.5 billion antitrust fne imposed by the EU for throttling competition and reducing consumer choice through the dominance of its mobile Android operating system.
The European Commission, the bloc’s executive branch and highest antitrust enforcer, said it was acting in the interest of consumers after an investigation of Google.
Google’s president of global afairs, Kent Walker, assailed the fne as “product degradation driven by a small group of self-serving complainants” that will hurt European businesses and consumers.
A WOMAN walks by a giant screen displaying the Google logo at an event at the Paris Google Lab on the sidelines of the AI Action Summit in Paris, Feb. 9, 2025.
Photo:Thibault Camus/AP
By MICHELLE CHAPMAN AP Business Writer
THE economy, infation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses.
Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.
Trump tarifs expire, administration puts new tarifs in their place
President Donald Trump is going ahead with new double-digit tarifs on dozens of U.S. trading partners just as the clock ran out Friday on stopgap levies he imposed after a stinging defeat at the Supreme Court.
The United States will slap taxes of 10% to 12.5% on imports from 60 trading partners accounting for 99% of U.S. imports, charging that they have inadequately enforced bans on goods produced by forced labor.
The new tarifs will take efect just as temporary 10% worldwide tarifs expire at 12:01 a.m. Friday.
Trump had turned to those temporary levies after the Supreme Court struck down his biggest and boldest tarifs in February.
Crude prices soar, gas follows with a gallon spiking above $4
Global crude prices leapt above $100 per barrel this week for the frst time in two months and gasoline in the U.S. moved sharply higher.
U.S. gas prices rose above $4 a gallon Monday and continued to rise throughout the week as the U.S. and Iran launched more attacks.
According to motor club federation AAA, the national average for a gallon of regular gasoline rose to $4.11 on Friday, almost a dollar more than at this time last year and about 12 cents more than just last week. Drivers in some states have been paying well over $4 a gallon for a while now. Prices vary between states due to factors ranging from nearby supply to difering tax rates.
US unemployment aid flings drop to lowest level in more than fve decades
U.S. applications for jobless benefts tumbled to the
lowest level in more than fve decades last week as layofs remain historically low despite global economic uncertainty.
The number of Americans applying for unemployment benefts in the week ending July 18 declined by 22,000 to 187,000, the Labor Department reported Thursday. That’s the fewest number of weekly applications since the week ending Sept. 6, 1969, according to Labor Department data.
It’s also well below the 215,000 new applications forecast by analysts surveyed by the data frm FactSet.
Weekly flings for unemployment benefts are considered a proxy for layofs and are close to a real-time indicator of the health of the U.S. job market.
Average 30-year US mortgage rate climbs to highest level in nearly a year
The average long-term U.S. mortgage rate climbed this week to its highest level in nearly 12 months, pushing up borrowing costs for prospective homebuyers at a time when rising oil prices are already squeezing household budgets.
The benchmark 30-year fxed rate mortgage rate rose to 6.58% from 6.55% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.74%.
The rate has ticked higher three weeks in a row. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. As rates rise, that can lead prospective home shoppers to delay buying a home, one reason U.S. home sales have been sluggish this year.
Borrowing costs on 15-year fxed-rate mortgages, often sought by borrowers refnancing a home loan, also rose this week. That average rate increased to 5.96% from 5.93% last week. A year ago, it was at 5.87%, Freddie Mac said.
Wall Street declined this week while uncertainty abounds
U.S. markets declined this week, with stocks mixed on the fnal day of trading.
A number of notable companies, from Tesla and Google, to American Airlines, tumbled after posting largely positive quarterly results. The problems ranged from higher spending to cautions expectations for the rest of the year.
Stocks waver on Wall Street while crude oil prices fall for the rst time in a week
By DAMIAN J. TROISE AP Business Writer
STOCKS drifted to a mixed fnish on Wall Street Friday as oil prices slipped for the frst time in a week.
Every major index lost ground overall for the week amid increasing pressure from a sharp escalation in the U.S. war with Iran. Investors are also contending with new tarifs from the Trump administration and worries about the economy sufering under the weight of stubborn infation.
The S&P 500 barely budged in a day of uneventful trading. It rose 3.68 points, or less than 0.1%, to 7,411.98. The index notched its second consecutive losing week, which hasn’t happened since March.
The Dow Jones Industrial Average rose 235.60 points, or 0.5%, to 51,947.25.
The Nasdaq fell 161.87 points, or 0.6%, to 24,975.82. It was weighed down by sharp losses from several big tech stocks.
Micron Technology fell 7% and Broadcom fell 2.7%. Both companies have large market values that tend to weigh more heavily on the market. They were big reasons for the technology-heavy Nasdaq lagging the market, and also why the market’s gains were kept in check despite more stocks rising than falling within the S&P 500.
Heavy fghting in the Middle East throughout the week again threatened to slow the global fow of oil and gas. It has been an ongoing concern for Wall Street, and now many of the bufers in the energy market from earlier in the year, including strategic reserves in the U.S., have been weakened.
“If escalation continues and the Strait of Hormuz remains closed, the impact will land on an energy market with far less resilience than in the spring,” wrote Theodore Bunzel,
head of geopolitical advisory at Lazard Asset Management, in a report.
Brent crude, the international standard, fell 3.9% to $96.78. It rose the frst four days of the week and moved back above $100 on Thursday. Before the Iran war began in late February it was trading around $72 per barrel.
Bond yields also eased and relieved some of the pressure on stocks. The yield on the 10-year Treasury fell to 4.68% from 4.71% late Thursday.
Markets in Europe gained ground, while Asian markets closed lower.
The U.S. is also ramping up its global trade war with a fresh round of tarifs on dozens of nations. The new round of tarifs impacts nearly all U.S. imports and they are paid by companies importing those goods, who then typically pass the added costs along to consumers. That move came just as the clock was running out Friday on stopgap levies the president imposed after a stinging defeat for other tarifs at the Supreme Court.
Rising energy prices and fresh tarifs could result in hotter infation, which has been squeezing consumers and looming over the Federal Reserve’s interest rate policy. The Fed meets next week and has been closely monitoring prices and their impact. Rising infation dashed hopes earlier this year for an interest rate cut.
Wall Street has since leaned more toward a potential rate increase, which the central bank can use to help cool infation. Wall Street is anticipating at least one rate hike by the end of the year, with a nearly 38% chance that could happen at the upcoming meeting next week, according to CME FedWatch.
Higher energy costs threaten to take a bigger chunk out of household budgets, which means a shift in spending toward more basic needs, like gasoline. Nationally, a gallon of gasoline costs $4.10 per gallon, according to AAA. That’s still lower than this spring as the confict in Iran expanded, but it’s almost a
Small businesses le lawsuits against Trump’s
new sweeping tari s
By MAE ANDERSON AP Business Writer
TRUMP’S tarifs are headed to court — again.
Two lawsuits fled by small businesses are challenging Trump’s sweeping
tarifs announced Thursday that impose double-digit levies on 60 trading partners.
The tarifs, implemented under Section 301 of the Trade Act of 1974 for what the Trump administration says is countries’ failure to prevent imports produced by forced labor, cover 99% of U.S. imports. Critics say the goal is less to prevent forced-labor imports and more to replace the worldwide tarifs that Trump imposed last year that were struck down by the Supreme Court in February. They came just as temporary 10% worldwide tarifs — that had also been challenged in court — expired. Educational toy company Learning Resources, which was part of the tarif lawsuit that won in the Supreme Court, fled a new suit along with several other small businesses in the Court
of International Trade on Friday over the current round of tarifs.
The second lawsuit was fled by Burlap and Barrel, a New York-based spice company, and Collective Horology, a watch retailer based in Ventura, California. They are represented by Liberty Justice Center, a libertarian advocacy group.
Both lawsuits argue that the government didn’t adequately establish its case against each specifc economy or spell how the tarifs will eliminate the specifed practice they are being levied for, as required by Section 301.
dollar higher than last year at this time. Investors are worried about the impact to companies profts. Those profts and expectations for more growth are what typically justifes a stock’s value. The latest round of corporate earnings showed that companies are still notching growth, but concerns are growing.
American Express fell 4.3% despite reporting a jump in proft during its most recent quarter. AmEx maintained its proft forecast for the year and has been spending more heavily to keep wealthy individuals amid more competition. Worries about the sustainability of broader profts are on top of lingering concerns about AI-focused tech companies. Companies like Alphabet and Nvidia have been spending heavily on AI technology. Investors are increasingly questioning whether those investments will produce profts to justify the large stock values that have been steering the broader market higher throughout the year.
The White House did not immediately respond to a request for comment.
Experts say it might be tougher to successfully challenge the current round of tarifs than previous rounds. Trump used Section 301 to impose big tarifs on China in his frst term, and they survived court challenges. Unlike the Section 122 levies that expired Friday, “these tarifs will be with us for the long haul,’’ said lawyer Patrick Childress, a partner at Holland & Knight and a former U.S. trade ofcial. Even if countries enact the precise policies the U.S. wants, he said, they will still need to prove that they’re enforcing them to Washington’s satisfaction before the tarifs are removed. “This suggests that no short-term path for country-wide relief from the new Section 301 tarifs will be available.’’
“Forced labor is morally indefensible, but an important objective does not give the government permission to ignore the law,” said Sara Albrecht, chairman and CEO of the Liberty Justice Center. “The administration allowed one global tarif to expire and immediately replaced it with another under a diferent statute. Changing the statute doesn’t change the law.”
AN employee walks past near the screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, July 24, 2026.
