Trump just restarted the global trade war — but here's why his new tariff blitz is very different

As the U.S. military conflict with Iran enters its sixth month, President Donald Trump has returned to a more familiar battleground: global trade.Trump on Friday launched a fresh tariff blitz targeting 60 trading partners, including the European Union, China, the U.K. and Canada. The latest wave of tariffs — which took effect at 12:01 a.m. E.T. Friday, replacing the stopgap 10% baseline tariff that expired July 24 — range from 10% to 12.5%.Initial market reaction Friday was muted, with the renewed tariff push largely anticipated by investors, given the approaching expiry of the previous duties. That contrasts with the 'shock and awe' approach that underpinned the sweeping 'Liberation Day' levies announced in April 2025, which sent markets plummeting.However, investors and analysts say the circumstances surrounding the latest tariff push are markedly different this time round, landing amid a more challenging global economic landscape than last year and underpinned by a separate legal framework, potentially risking a lasting drag on markets.An emboldened White House"The significance this time around is twofold," said Emma Moriarty, portfolio manager at CG Asset Management."Not only d...