A new round of tariffs on just about everything

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**Kimberly Adams** (1:01)
A new round of tariffs on just about everything coming into the US.
From Marketplace in Washington, I'm Kimberly Adams. A new batch of tariffs went into effect overnight, and there's more to come. The Trump administration is trying to rebuild the tariff wall torn down by the Supreme Court ruling earlier this year. Marketplace's Nancy Marshall Ginzer joins me with the details. Good morning, Nancy.

**Nancy Marshall-Ginzer** (1:24)
Good morning.

**Kimberly Adams** (1:24)
Let's start with what happened overnight. What new tariffs did we wake up to this morning?

**Nancy Marshall-Ginzer** (1:28)
Well, the US will now impose tariffs of 10% to 12.5% on 60% of our trading partners. The Trump administration says these new duties were imposed because those countries didn't do enough to curb forced labor. These new duties took effect just as a temporary 10% global tariff was expiring. Of course, those temporary tariffs were put in place after the Supreme Court overturned President Trump's blanket global tariffs earlier this year.

**Kimberly Adams** (1:54)
But there are some exceptions here. One of them apparently is instant coffee.

**Nancy Marshall-Ginzer** (1:59)
Yeah, thank God. The administration exempted some products that aren't really produced in the US, like instant coffee. Also cork from Europe. Oil and natural gas are also exempted, as are products already covered by national security tariffs, things like steel and aluminum.

**Kimberly Adams** (2:16)
And there are more to come. There's another tariff investigation underway. What do we know so far about that?

**Nancy Marshall-Ginzer** (2:22)
This is another investigation under Section 301 of US trade law. It's looking at countries the US says overproduce and sell certain products at prices so low that US producers can't compete. This investigation covers 16 US trading partners, including, surprise, surprise, China, also other Asian countries and the European Union. It is not clear, though, when those additional tariffs will be announced.

**Kimberly Adams** (2:48)
Marketplace's Nancy Marshall-Ginzer, thank you, Nancy.

**Nancy Marshall-Ginzer** (2:51)
You're welcome.

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**Kimberly Adams** (4:34)
We'll get an update on new home sales later this morning. Housing affordability is an ongoing issue across the country. Mortgage buyer Freddie Mac released data Thursday showing the average long-term mortgage rate is at its highest in almost a year, with a 30-year fixed sitting at 6.58%.
High rates are one issue making it hard for people to afford homes, but so is simple supply and demand. Not enough homes for all the people who want them. Lots of cities are eyeing their empty office space as a way to create more housing supply, with office to apartment conversions up at least 28% from last year. That's according to a report out earlier this year from Rent Cafe.