Kevin Hassett, a senior economic adviser to Donald Trump, warned that it would take an “extraordinary deal” for any country to improve on the 10% tariff rate imposed by the US worldwide, including the UK. Trump’s decision to reduce “retaliatory” tariffs to 10% for all countries, except China facing a 145% rate, came after pressure from financial markets. The chaos at the core of Trump’s presidency was revealed through this sudden change in tariffs, casting doubt on hopes for a breakthrough in trade negotiations.
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Why Iran closing the Strait of Hormuz could be catastrophic for the world
Amid escalating conflict between Israel and Iran, Tehran was engulfed in smoke following an Israeli airstrike on June 15, 2025. The Strait of Hormuz, a crucial oil shipping route, faces potential disruption, with experts warning that Iran's threats to close it could lead to significant market turmoil and oil price surges, echoing the impacts of the Russia-Ukraine war and the COVID-19 pandemic. Need More Context? 🔎
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