Yesterday, President Trump's sweeping tariffs on goods from more than 60 countries and the European Union took effect. While the larger economic picture around the tariffs has yet to come into focus, these are the highest U.S. tariff levels since the 1930s.

The Trump administration has struck frameworks for trade deals with nearly a dozen of the country's largest trading partners, including Japan, South Korea and the European Union. U.S. energy exports and access to critical minerals have been centerpieces of many deals and are likely to be focal points of new deals moving forward.

Newly added to the tariff regime are duties on the import of one-kilogram and 100-ounce gold bars. It's a move the Financial Times says could disrupt global bullion flows and deal a major blow to Switzerland. Switzerland, as the world's top gold refiner, shipped about $61.5 billion worth of gold to the U.S. in the year to June, of which roughly $24 billion could now incur tariffs under the new tariff rate.

Turning to the domestic power market, a leading energy consultancy sees power prices for the 67 million customers in the PJM electricity market rising up to 60% over the next five years as the energy needs of Big Tech's data centers intensify. Electricity capacity prices have surged 1,000 percent in PJM over the past two years—a clear market signal to bring more generating capacity to the market and to keep existing capacity operating as power demand threatens available supply.

That's your Mining Minute for this morning. Follow us on the National Mining Association's channels, as well as on Minerals Make Life and Count on Coal, for more on the latest news and policies impacting mining.