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Next chapter in Trump tariff saga: new levies with more to come

  • New Section 301 tariffs went into effect on Friday, replacing expiring Section 122 tariffs; for some countries, base rate rose from 10% to 12.5%
  • Trump’s plan to levy 50% tariffs on Canada under Section 338 is considered ‘ominous’; if Section 338 isn’t stopped in court, it could be used against other trading partners 
  • Container shipping markets have fared well despite higher tariffs on US importers; volume has been resilient and spot rates have sporadically spiked due to frontloading

  • Analysis

The Trump administration has put a more legally defensible tariff baseline in place. The next step is to layer on more levies. By 2027, tariffs could be back to where they were before the US Supreme Court ruled against the initial version

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This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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