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Oil prices rose above $110 (£82.78) a barrel after Iranian media reported an airstrike hitting a facility on the world's largest natural gas field. The Brent crude oil benchmark hit $112 a barrel in early Thursday trade in Asia, more than 5% higher than Tuesday's prices
US Vice President JD Vance and Energy Secretary Chris Wright will meet with oil industry leaders. The administration plans to announce measures to lower gas prices. These include releasing oil from emergency reserves and easing shipping regulations
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Trump launched global tariff wars in 2025. Here's a recap of his trade actions this year
President Trump's trade policy saw a turbulent year. New tariffs were imposed on many countries, sparking global trade wars. Businesses faced uncertainty due to fluctuating duties and retaliatory measures. Steel and aluminum tariffs were raised significantly. Auto tariffs also caused industry disruption.
It's been a rollercoaster of a year for US trade policy.
President Donald Trump launched a barrage of new tariffs in 2025, plunging the US into trade wars with nearly every country in the world. Volley after volley of threats and steeper import taxes often arrived erratically - with Trump claiming that such levies needed to be immediately imposed to close trade imbalances and take back wealth that was "stolen" from the US.
But the president also turned to tariffs amid personal grudges, or in response to political critics. And the whiplash of on-again, off-again duties - and responding retaliation - fueled widespread uncertainty for businesses and consumers alike, all while households continue to face rising prices.
Here's a summary of how Trump's biggest trade actions unfolded over the last year, broken down by key months.
January-March
In his first few months back in office, Trump focuses his new tariffs on America's three biggest trading partners: Canada, Mexico and China. On-again, off-again levies and responding retaliation begin to bubble up.Worldwide, the US also heightens import taxes on steel and aluminum to 25% - expanding Trump's previously-imposed 2018 import taxes.
April
Trump's trade wars escalate to new heights in April. The president unveils sweeping "Liberation Day" tariffs on almost every country in the world - sending the stock market tumbling. And more turbulence follows after he tells investors that it's a "great time to buy" mere hours before postponing dozens of steeper import taxes.China is the exception. Washington and Beijing trade more and more sky high, tit-for-tat levies - reaching 145% and 125%, respectively.
Separately, Trump's 25% auto tariffs begin, plunging the industry into uncertainty and bringing more retaliation from trading partners like Canada.
May-July
The Trump administration spends much of the summer boasting about trade "framework" deals with countries like China, the UK and Vietnam. But his administration sends letters to dozens of other nations promising that heightened levies are on the way - and notably escalates trade wars with Brazil and India.Otherwise, Trump continues to expand sector-specific tariffs, hiking steel and aluminum taxes to a punishing 50%.
Meanwhile, a key legal challenge over Trump's tariffs gains traction. A federal court blocks Trump from imposing some of his most sweeping levies under an emergency-powers law - but an appeals court temporarily halts the order, allowing tariff collections to continue as the case wends through court.
August
Heightened US tariffs on more than 60 countries and the European Union kick in. After several delays, most of these rates span from April's "Liberation Day" - but separately, Trump hikes import taxes on Canada to 35%.Punishing 50% levies on goods from Brazil and India also take effect, along with a new 50% rate on most imported copper worldwide. And low-value imports coming into the US lose their duty-free status with the end of the "de minimis" rule.
Separately, the US extends its trade truce with China. And a US appeals court rules that Trump went too far when he declared national emergencies to justify his tariffs - but doesn't strike them down entirely, allowing the administration to take its case to the Supreme Court.
September-December
The Trump administration officially takes its tariff fight to the Supreme Court. In initial oral arguments, the justices appear skeptical about the president's authority to impose such sweeping levies.Meanwhile, Trump continues to promise more sectoral tariffs - and 25% levies on kitchen cabinets and other furniture take effect. But other threats get delayed. Amid rising price pressures, the president also lowers or scraps a few previous tariffs, notably for goods like beef and fruit. He also suggests that Americans will receive a $2,000 dividend from new tariff revenue - but details remain very scarce.
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Source: EconomicTimes
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