Morning Business Report: Tariffs, mortgage rates and stocks

The Trump administration is rolling out a new round of tariffs on major U.S. trading partners.

(LILAMAX)- The Trump administration is rolling out a new round of tariffs on major U.S. trading partners, with rates ranging from 10% to 12.5%.

According to the administration, the tariffs are intended to combat forced labor and will replace the temporary 10% global tariff that expires today. Countries that take steps to reduce forced labor, such as adopting laws banning the import of goods produced with forced labor, could see their tariff rates reduced.

Mortgage rates climbed to their highest level in nearly a year as the conflict involving Iran continued to drive uncertainty in financial markets. Freddie Mac reports the average 30-year fixed mortgage rate rose to 6.58%, its highest level since last August. Despite higher borrowing costs, some homebuyers are continuing to enter the market.

Wall Street posted steep losses Thursday as oil prices surged. The Nasdaq led the declines, falling more than 2%.

There was positive news for the labor market. Initial unemployment claims fell to 187,000, the lowest weekly total since 1969, suggesting employers remain reluctant to lay off workers despite broader economic uncertainty.

Meanwhile, movie theaters are finding an unexpected source of revenue beyond ticket sales. Limited-edition collectible popcorn buckets tied to blockbuster films have become highly profitable, with some special-edition designs selling for as much as $70, prompting studios and theater chains to expand the trend.