Trump Vows Fresh Tariffs | Balance of Power 7/24/2026

Summary

The episode covers President Trump's imposition of new tariffs on 60 economies using forced labor justifications and a new probe into EU digital fines, while the Iran conflict continues. Defense expert Tom Karako highlights severe US munitions depletion, arguing that RTX and Lockheed Martin will benefit from massive replenishment spending. Canada's trade tensions and EU trade dialogue round out the discussion.

• Trump administration rolls out new Section 301 tariffs on 60 economies, citing forced labor, and launches a 301 investigation into EU digital market fines on US tech.
• The Iran conflict enters its 13th night of strikes; Iran rejects a ceasefire, while President Trump signals possible escalation.
• Pentagon faces a critical munitions shortfall after the Iran campaign, with a supplemental budget request pending in Congress.
• CSIS missile defense expert Tom Karako says RTX and Lockheed Martin are the primary providers for the needed offensive and defensive missile replenishment.
• Canada tariffs on $20 billion of goods, including milk and hockey equipment, reflect contentious USMCA renegotiation dynamics.
• Ireland's ambassador says the EU welcomed the initial 10% tariff as below the agreed ceiling but expresses disappointment at the new digital fines probe.
• Qualcomm plans double-digit price hikes for smartphone processors, while chip stocks and oil prices decline.