The United States imposed new tariffs ranging from 10% to 12.5% on 60 countries under Section 301, citing alleged unfair trade practices related to imports of goods made from forced labor, effective at 12:01 a.m. ET July 24.

The U.S. labor market cooled in June while freight markets continue to favor carriers and capacity tightened. Raw materials remain challenging, with pressures varying across commodities.

Plus, traders await for a possible tariff on refined copper, aluminum suppliers face rising costs and lead times extend for some steel and PVC products.