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During President Lee Jae-Myung’s 24-25 July 2026 summit in San Francisco, South Korea’s two memory titans signed non-binding MOUs to deliver a combined US$950 billion in high-bandwidth DRAM and related services to U.S. AI chip designers over the next five years, effectively pre-selling scarce capacity.
On 24 July 2026, President Trump said the U.S. will open a Trade Act Section 301 investigation and prepare “substantial” tariffs against the EU in direct retaliation for Brussels’ €890 million antitrust penalty on Google the previous day.
On 24 July 2026, President Lee Jae Myung unveiled the San Francisco AI Declaration and a joint Nvidia–SK Group plan exceeding $500 billion to build a 2-GW AI data-center network, aiming to cement South Korea as the core global supplier of AI chips and infrastructure.
On 24 July 2026, the Biden? Wait: Trump administration replaced an expiring global 10 % duty with new Section 301 tariffs of 10 % or 12.5 % on goods from sixty economies, conditioning the rate on whether each partner has adopted a forced-labour import ban.
On 23 July 2026 Brent futures jumped past the $100-a-barrel mark for the first time since May after Yemen’s Iran-aligned Houthi rebels hit two Saudi VLCCs with drones and missiles near Bab el-Mandeb, effectively endangering the only viable workaround route while the Strait of Hormuz remains contested.
On 23 July 2026 Brussels issued twin fines totalling €890 million against Google under the new Digital Markets Act—its first DMA penalty—promptly drawing a U.S. Trade Representative warning that the sanction imperils last year’s EU-U.S. tariff truce.
On 22 July 2026, President Trump declared the U.S. will bomb one Iranian bridge or power plant for every shot fired at a ship in the Strait of Hormuz, hours after Iran-backed Houthis proclaimed a Red Sea blockade—prompting immediate tanker diversions and a six-week high in oil prices.
Between 20-23 July 2026, Saudi Arabia, the UAE and Iraq moved multiple pipeline expansions onto accelerated wartime timetables that could reroute up to 7.3 million barrels per day of Gulf crude away from the now-shuttered Strait of Hormuz by 2028.
Effective 1 Aug 2026 imported generics stay duty-free for two years, then face a 100 % tariff from Aug 2028 and a 200 % tariff from Aug 2029 unless manufacturers start U.S. production.
On 20 July 2026, President Trump signed three proclamations levying a uniform 50 % duty on most Canadian goods—overriding USMCA protections—in retaliation for alleged discrimination against U.S. cars, dairy and alcohol.
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