U.S. Trade Representative Jamieson Greer indicated on Tuesday that the Trump administration is preparing to announce a new round of tariffs targeting dozens of countries. Greer stated, "We expect to see some action soon," when asked about the timing of the new tariffs, but did not provide a specific timeline, citing the need to brief Congress and other stakeholders first [1].
The announcement comes as some of President Donald Trump's existing import tariffs are set to expire on Friday at 12:01 a.m. ET, unless Congress intervenes, which appears unlikely according to Greer [1]. In February, Trump imposed a blanket 10% tariff under Section 122 of the Trade Act of 1974, following the Supreme Court's decision to strike down his previous "liberation day" tariff regime [1].
To reinforce the tariff regime, the administration has already proposed additional tariffs of up to 12.5% on imports from 60 economies, announced in early June. These new duties, under Section 301 of the 1974 trade law, are intended as a response to alleged forced-labor issues in those countries [1]. Greer emphasized the scale of the proposed tariffs, stating they would cover "about 99% of our trade" with the targeted countries, highlighting the administration's concerns over forced labor and the lack of enforcement in other nations [1].
Market implications are significant, as the potential tariffs would affect a vast majority of U.S. trade with the 60 economies involved. No specific analyst opinions or forward-looking statements beyond Greer's comments were provided in the article [1].
CONCLUSION
The Trump administration is poised to implement sweeping new tariffs on imports from 60 countries, potentially impacting 99% of U.S. trade with those economies. With existing tariffs set to expire and new duties proposed in response to forced-labor concerns, markets may face heightened uncertainty and disruption in the near term.