Trade|Policy|Geopolitics — US Prepares Major Tariff Overhaul; New Levies Expected Under Section 301

The Trump administration is set to replace its temporary 10% across-the-board import duty with a new tariff structure this week, following a Supreme Court ruling that invalidated the previous regime. The new levies will be justified under Section 301 of the Trade Act of 1974, with proposed rates of 10% for allies like the EU and 12.5% for nations including China and Japan. Separately, President Trump announced new 50% tariffs on certain Canadian goods to accelerate renegotiation of the U.S.-Mexico-Canada Agreement.