The U.S. imposed a new round of tariffs on 60 trading partners in an effort to re-create global levies struck down by the Supreme Court in February. Though little changed from the temporary 10% tariffs issued that same month, they are a notable decline from the sweeping global tariffs in April 2025.

Trade analysts expect more tariffs ahead, keeping alive the confusion companies have navigated over the past 18 months. "U.S. trade policy is at a juncture," wrote advisory firm Oxford Economics, adding that while the baseline rate hasn't changed much, "risks to the headline rate are firmly to the upside, as additional trade investigations continue. Any new Section 301 tariffs can be stacked and adjusted, keeping trade policy uncertainty high."

Section 301 of the Trade Act of 1974 allows presidents to impose tariffs against countries that engage in unfair trade practices.

The tariffs implemented Friday target countries President Donald Trump's administration says have failed to sufficiently address forced labor used in their exported goods. The levies range from 10% to 12.5% rates, applied differently depending on the trading partner's forced labor provisions.

Though the measures underscore Trump's commitment to aggressive tariff policies, they are narrower and lower than those rolled out in April 2025, which sent U.S. stocks reeling. The market barely registered Friday's tariffs, with analysts having already priced in the roughly 10% to 15% tariff rates.

Questions persist amid ongoing trade discussions, including uncertainty after the U.S. decided not to renew the United States, Mexico and Canada agreement (USMCA), which applied to 30% of U.S. exports as of June. The limbo puts the nearly $2 trillion of trade in goods and services within North America in jeopardy, just as the administration threatened this week to place a 50% tariff on $20 billion of Canadian exports to the U.S.

Friday's tariffs replace the 10% Section 122 ones the administration imposed on Feb. 20 as a placeholder in the wake of the Supreme Court's decision to strike down global tariffs that had been as high as 40% plus for some countries. The new tariffs hardly match rates before the court decision, though for some countries like the U.K. baseline rates have stayed consistent.

The new measures cover virtually all U.S. imports, though separate strict duties remain for industrial inputs, as do exceptions for certain products like oil and fertilizer.

Trump has also said the administration will place 100% tariffs on patented pharmaceuticals, scheduled to kick in on July 31. He also threatened 100% tariffs this week on generic drugs in 2028 if they aren't made in the U.S,. but Oxford Economics analysts said those levies would mostly affect India and Israel and weren't included in their forecasts given the distant timing.

"Despite the eye-popping headline rate, these tariffs are quite porous since they don't include generic drugs, while many countries and major pharmaceutical companies have already negotiated deals for lower rates," according to Oxford Economics.

Reshma Kapadia contributed to this article.

Write to Molly Bordoff at molly.bordoff@barrons.com

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July 24, 2026 14:02 ET (18:02 GMT)

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