The Trump administration officially launched a new round of global tariffs under Section 301 on July 24, imposing 10% to 12.5% tariffs on goods covering 60 trade partners and accounting for 99.4% of total U.S. imports, replacing the temporary global tariffs that were set to expire on the same day. In terms of tiered tariff rates, 17 economies including Canada, Mexico, India, and the UK apply 10%; Japan, South Korea, Switzerland, and parts of the EU are topped up to 12.5% in total; the remaining economies, including China, directly apply a new 12.5% rate. However, goods already constrained by Section 232—such as oil, natural gas, fertilizers, steel, aluminum, and copper—are exempted, preventing a second round of price hikes in energy and basic raw materials.

With the tariff hammer falling, market sentiment tightened instantly. The S&P 500 index fund (SPY) fluctuated intraday as rising import costs pressured corporate profit margins. Safe-haven flows moved into gold ETFs (GLD), and gold prices maintained a relatively strong trend. Meanwhile, high-volatility Bitcoin (IBIT) saw even sharper swings as risk appetite shifted. In the short term, although the 10% to 12.5% tax-rate range is lower than the market’s expected upper limit, the 99.4% coverage means global supply-chain costs will be systematically repriced, inflation stickiness will strengthen, and uncertainty around the Federal Reserve’s rate-cut path will increase further.

For investors, this tariff framework is not an endpoint, but the starting point of a new round of trade games—future dynamic adjustments to countries’ retaliatory measures and lists of exemptions will be key variables determining the direction of the three major asset categories: SPY, GLD, and IBIT.