US Proposes 10% Tariffs on EU, UK, Canada and Mexico

The US is proposing new tariffs of at least 10% on imports from major trading partners including the European Union, UK, Canada and Mexico, following an investigation into goods allegedly produced by forced labor. Products from China, Switzerland and Japan would face a higher 12.5% levy. The move represents a significant development as President Donald Trump works to rebuild his tariff wall after it was previously struck down by the US Supreme Court. The tariffs are part of a broader trade policy initiative that targets countries the administration claims are benefiting from labor practices deemed exploitative. The proposed rates vary depending on the country of origin, with certain nations facing steeper duties based on the severity of alleged violations. This approach marks a continuation of the administration's aggressive trade stance. SpaceX is simultaneously setting its sights on financing a record-breaking listing, while British banknotes could undergo a controversial redesign. These stories round out the day's top business and financial news as markets continue to react to evolving trade policies.