Trump is ramping tariffs back up and investors are dumping US bonds, and it's bad news for the US economy, oil prices, and anyone holding long-term Treasuries.

• Tariffs are back and higher, with new excuses like "forced labor" and tainted lettuce, mainly because the broke US government wants the tariff income back.
• BRICS countries (China, Brazil, South Africa) get hit hardest; Europe's rate drops for now but faces a new tech-fine investigation that could bring 20%+ tariffs soon.
• The Iran conflict has pushed oil and bond yields sharply higher, with the 10-year Treasury near 4.7% and HSBC warning of a commodity "super squeeze."
• Investors offered to sell back $16 billion in US bonds but the Treasury could only buy $2 billion, a sign real demand for US debt is drying up as inflation looks stuck.
• High energy and construction costs make US goods too expensive to export and threaten to blow up the cost of the AI data-center buildout.

Outlook: If the Iran conflict and tariff war keep escalating, expect higher oil, hotter inflation, and more pressure on US bonds and the dollar.