The Trump administration unveils new tariffs on 60 countries. Plus, oil prices pass $100.

The 10-year treasury hits an 18-month high, and mortgage rates are at their highest levels in nearly a year, as the Middle East conflict ripples through markets.

And IBM's earnings tell investors more about what went wrong for its business in the second quarter.

Investors believed IBM when they said that AI was a tail win for them and that customers really needed to buy more mainframes so that they could do more AI.

But as we saw last quarter, that actually wasn't the case.

It's Thursday, July 23rd.

I'm Alex O'Sullough for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

The U.S. will impose new tariffs on its major trading partners.

The new tariffs are meant to replace President

Trump's temporary 10% global tariff, which expires tomorrow. Trump put that temporary tariff in place

in February after the Supreme Court struck down many of his tariffs. The new tariffs target 60 countries,

or about 99% of U.S. trade. The administration says they're designed to push against

forced labor. Countries that have laws against forced labor were given a 10% tariff, while those without

those laws were given a 12.5% tariff. There are exemptions for some goods, like steel, which

comes under a separate national security tariff. The tariffs aren't expected to have

much immediate impact, since their rates are similar to the 10% global tariff that they're

replacing. But trade experts say that the administration has other tariff plans, and those could

raise costs for businesses and consumers. President Trump has added a new hurdle to the nuclear

deal with Saudi Arabia.

It's contingent on the kingdom normalizing relations with Israel.

Saudi Arabia was close to doing so during the Biden administration.

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