U.S. President Donald Trump is preparing to impose new tariffs on imports from up to 60 countries this week, as a temporary global 10% duty on all imports is set to expire Friday. The proposed levies, ranging between 10% and 12.5%, are tied to a U.S. investigation into forced labor practices. Among the countries covered by the probe are the European Union, China, Japan, India, Mexico and several Southeast Asian nations.
The broader action follows Trump's decision Monday to sign proclamations imposing a 50% tariff on a range of Canadian goods, from wine to cement, taking effect in about a month. Canadian Prime Minister Mark Carney said his government has submitted detailed proposals to resolve the dispute, while Ontario Premier Doug Ford urged retaliation. Trump has also hit Brazilian imports with a 25% tariff.
Advisers have warned Trump that the tariff escalation risks an economic shock ahead of the midterm elections. The U.S. Supreme Court earlier this year struck down a portion of Trump's reciprocal tariffs introduced in April 2025.