America In Focus: New tariffs, soaring gas, mortgages and a down week for Wall Street - AP News

What the report says

The Associated Press reported that several economic pressures converged over the past week, led by President Donald Trump’s decision to replace expiring temporary import levies with new double-digit tariffs. According to AP, the administration plans duties of 10% to 12.5% on imports from 60 trading partners that account for nearly all U.S. imports, citing inadequate enforcement of bans on goods made with forced labor. The new measures follow a Supreme Court defeat in February that struck down earlier tariffs and come as the stopgap 10% worldwide levies expired Friday.

AP also reported that energy costs climbed sharply as U.S. and Iranian attacks continued. Global crude oil moved above $100 a barrel for the first time in two months, and the U.S. average price for regular gasoline rose to $4.11 a gallon Friday, according to AAA. That was nearly $1 higher than a year earlier and about 12 cents higher than the prior week, with state-level prices varying because of taxes and supply conditions.

Other indicators showed a mixed economy. The Labor Department said weekly applications for unemployment benefits fell by 22,000 to 187,000 for the week ending July 18, the lowest level since September 1969 and below analysts’ expectations cited by AP. At the same time, Freddie Mac said the average 30-year fixed mortgage rate rose for a third straight week to 6.58%, increasing costs for would-be homebuyers.

Markets ended the week lower amid corporate earnings concerns and oil-related uncertainty. AP also noted Ford’s recall of 565,691 Bronco and Bronco Raptor vehicles from model years 2021-2026 over a wiring harness issue that could raise fire risk.