US to make tariff announcement today as temporary 10% import duty nears expiry
The Trump administration is preparing to announce a new trade policy involving tariffs on 60 economies, just as a temporary 10% import duty is set to expire. The new measures are intended to address concerns regarding forced labor and provide a more durable legal framework for trade restrictions.
Why it matters
These tariffs represent a significant shift in US trade strategy that could impact global supply chains and international economic relations.
The Trump administration is expected to announce a new tariff policy on Thursday (July 23), just hours before a temporary 10% global tariff on imports is due to expire, the White House said.US Trade Representative Jamieson Greer is set to unveil the next phase of the administration's trade strategy later in the day, although officials have not disclosed details of the announcement.Speaking at a White House press briefing, Press Secretary Karoline Leavitt confirmed that an announcement was imminent."I would just tell you to stay tuned for more details," Leavitt said when asked about the approaching tariff deadline.Temporary tariff expires FridayThe announcement comes ahead of the expiry of a temporary 10% tariff imposed after the US Supreme Court struck down a broader package of President Donald Trump's tariffs in February.Following the ruling, the administration swiftly introduced a temporary 10% levy on imports to keep parts of its tariff policy in place.…
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