US President Donald Trump is preparing to launch a new wave of tension in global trade. According to a Financial Times report citing US officials, Trump plans to impose new tariffs on about 60 countries this week.
The new tariffs are expected to range between 10 and 12.5 percent. This move will replace the 10 percent global tariff imposed on all countries in February.
The global tariff, enacted under Section 122 of the Trade Act of 1974 and effective from February 24, expires on Friday, July 24. The planned new tariffs are expected to take effect from that date. The global tariff decision had been taken with a stated duration of 150 days.