U.S. readies new tariffs as Trump's 10% global levy to expire
The United States is preparing to impose new tariffs on dozens of countries as President Donald Trump's temporary 10% global levy expires on July 24, 2026. Trade envoy Jamieson Greer indicated new duties targeting 60 trading partners over forced labor concerns, with rates between 10% and 12.5%. Canada faces a 50% tariff, while Brazil received a 25% duty. Trump also announced a 100% sector-specific tariff on imported generic drugs effective August 2028, rising to 200% in 2029, with a temporary zero-rate window from August 2026 to encourage onshoring. The moves follow legal setbacks after the Supreme Court struck down earlier tariffs in February. Canadian Prime Minister Mark Carney said he is exploring all options and agreed to intensify talks. Analysts expect the new forced labor tariffs to replace the expiring global levy, potentially reigniting trade tensions with major partners including the EU, China, India, and Japan.
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