Trump's new tariffs put trade back at the center of the global agenda (2026)

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Data through 07:00 on July 25, 2026 (UTC+08:00).

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The United States has replaced its temporary 10% worldwide tariffs with new duties of 10% to 12.5% on imports from 60 trading partners, covering goods that account for 99% of U.S. imports. The administration says the countries failed to enforce bans on goods made with forced labor. 1

The change took effect at 12:01 a.m. Friday, just as the temporary levies expired. That timing turns a legal workaround into a new baseline for trade: importers, suppliers and governments now have to price a tariff regime that is broader than any single bilateral dispute.

A container port with a customs barrier and global trade routes

A container port inspection lane, where a tariff becomes a physical delay.

The legal route matters. The White House is using Section 301 of the Trade Act of 1974, which permits tariffs against countries found to engage in unjustifiable, unreasonable or discriminatory trade practices. That differs from the International Emergency Economic Powers Act, the authority the Supreme Court rejected for Trump's earlier global tariffs. The administration used Section 122 for the interim 10% levy, but that authority is limited to 150 days. 1

This does not make the policy economically painless. A tariff is collected from the importer, then absorbed, passed to customers or pushed back through a supplier's price. The effect depends on bargaining power and how easily a buyer can switch countries, but the starting point is a tax on a supply chain already facing higher energy, freight and insurance costs.

The first reaction was political rather than conciliatory. Australia and New Zealand called their 12.5% duties unjustified; Japan said Washington had promised no additional tariff beyond an earlier 10% agreement; and China said tariff wars serve no party's interests. Oil, gas and fertilizer are exempt, while goods qualifying under the U.S.-Mexico-Canada Agreement remain duty-free. South Korea said combined duties on its exports should not exceed 15%, and Thailand said roughly 2,120 products were exempt. 2

The policy also opens a new legal fight. The Liberty Justice Center, which challenged the earlier tariffs, sued in the U.S. Court of International Trade, arguing that the administration allowed one global tariff to expire and replaced it under another statute. The legal question is narrower than the Supreme Court case, but the commercial question is larger: whether companies can plan around these rates or must keep a buffer for the next investigation.

That next move is already visible. The U.S. Trade Representative has opened a separate probe into alleged excess production in 16 countries representing 70% of U.S. imports, raising the prospect of another Section 301 round. For markets, the immediate test is whether the new schedule produces negotiations and exemptions or retaliation and higher landed costs. 1

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Quote of the day

"Tariff wars and trade wars do not serve any parties' interests."
Lin Jian, a spokesperson for China's Ministry of Foreign Affairs, responding to the new U.S. duties. 2

Trump's new tariffs put trade back at the center of the global agenda

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