PHILADELPHIA – More turbulence looms in global trade, with a new wave of tariffs replacing the 10 per cent surcharge that the United States currently applies to all imports across all nations, which expires in a matter of weeks.
The incoming tariffs, proposed under Section 301 of the US Trade Act of 1974, target 60 economies that are the source of nearly all of US imports.
Most trade experts view these as part of an effort to recreate a tariff wall after US President Donald Trump’s “Liberation Day” tariffs – enacted in April 2025 under the International Emergency Economic Powers Act (IEEPA) – were struck down by the Supreme Court in February.
In response, the administration immediately imposed the global 10 per cent temporary tariff under Section 122, claiming the US economy was threatened by a balance of payments crisis. This is set to expire on July 24.
Will the…
