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US imposes new tariffs on imports from 60 countries as temporary global tariff expires

Market News
23 Jul 2026
Fox Business
View Source
Bearish
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The US government is set to impose new tariffs of 10% and 12.5% on imports from 60 trading partners, including Canada, Mexico, India, the UK, Taiwan, and the EU, following the expiration of a temporary global tariff. These tariffs are implemented under Section 301 of the Trade Act of 1974 and come after the Supreme Court struck down previous reciprocal tariffs. The move aims to enforce bans on goods made with forced labor and protect American businesses, though some products like oil, gas, and certain metals are exempt. This action is part of broader trade measures by the Trump administration, including a 50% tariff on certain Canadian imports and efforts to boost US pharmaceutical manufacturing.

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