United States imposes tariffs on Peruvian exports as part of sweeping 60-country trade action

The US just dropped a tariff hammer on about 60 countries at once. Peru is one of them. Effective July 24, Washington began levying new duties ranging from 10% to 13% on exports from dozens of economies across multiple continents. The stated justification: these nations failed to adequately prohibit or enforce bans on importing goods produced through forced labor. What happened and why Peru got caught in the crossfire Peru’s Ministry of Foreign Trade and Tourism, known as Mincetur, spent months in bilateral discussions with US officials trying to demonstrate that the country had taken meaningful steps against forced-labor goods entering its supply chain. It wasn’t enough. According to the US determination, Peru “has failed in imposing and effectively applying a prohibition on the importation of goods” linked to forced labor. The tariff action covers roughly 60 economies, making this one of the broadest single-day trade measures the US has enacted in recent memory. Tariff rates land between 10% and 12.5% for most, though some outlets report Peru specifically facing a rate as high as 13%. The macro picture and what it means for markets Commodity markets tend to react first. Peru is a...