US to make tariff announcement today as temporary 10% import duty nears expiry
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
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 Friday The 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. However, under the legal authority used, the measure is limited to 150 days and expires on Friday. New duties planned on 60 economies To replace the expiring tariff, the Trump administration has prepared a new round of import duties targeting 60 economies over what it describes as concerns related to forced labor.
The proposed tariffs are expected to range between 10% and 12.5% and are aimed at rebuilding President Trump's tariff agenda after the earlier measures were blocked by the courts. The new duties were developed following a months-long investigation by US trade authorities and are considered legally more durable than the temporary tariffs introduced earlier this year. Timeline still unclear While the administration has confirmed that a tariff announcement is imminent, officials are yet to specify when the new duties will take effect or identify the countries that will be subject to the measures.
The expected announcement by Jamieson Greer is likely to clarify the implementation timeline, the scope of the tariffs and the legal basis for the new trade restrictions.
The BriefWire