US President Donald Trump has expanded his tariffs, now affecting more than 400 product categories, including fire extinguishers and construction materials. The increased costs will be felt beyond global trade and industry to everyday life.
Trump’s latest move adds fire extinguishers to a list of steel products facing a 50% import tariff. This means that the price of insurance premiums for wildfires, such as those in Los Angeles or near the Grand Canyon, will increase due to physical damage. Even small fires, like burning photographs of an ex-partner, may become more expensive to put out.
The effects of tariffs on Japan’s exports have also been reported. In July, exports sank 2.6% from a year ago, with falling shipments to the US and China contributing to the decline. Meanwhile, technology stocks weighed down US markets as Palantir shares plummeted over 9%.
On a positive note, UBS has raised its forecast for gold prices twice this year, predicting a rally in the metal by 2025 and 2026. The UK property sector is also consolidating rapidly, with investors valuing REITs at lower prices.
In other news, Pop Mart shares surged after announcing a revenue surge of nearly 400% year-on-year. However, technology stocks overall remained down due to Palantir’s decline.
Source: https://www.cnbc.com/2025/08/20/cnbc-daily-open-expanded-tariffs-mean-extinguishing-fires-could-be-costlier.html