February: In response to the U.S. Supreme Court’s ruling that President Trump’s use of the IEEPA to impose tariffs is unlawful, the Trump administration imposed a global tariff rate of 10% on all imports entering the United States, effective immediately, under Section 122 of the Trade Act of 1974. President Trump said he plans to increase it to 15%. Earlier in the month, the United States and India reached a trade agreement under which the United States will reduce its reciprocal tariff rate on Indian imports from 25% to 18% and will lift the additional 25% tariff previously imposed over India’s purchases of Russian oil.

Conflict in the Middle East is raising fuel costs, disrupting shipping routes and adding upward pressure on commodity markets. Plus, the new CDL regulations tighten U.S. driver eligibility.

Copper hits new highs despite current supply surplus, aluminum climbs amid Middle East conflicts, and steel and PVC see demand-driven price increases.