US Imposes New Tariffs on 60 Partners as Trump Rebuilds Trade Agenda

21 July 2026, Taiwan, Taichung: A hand holds a smartphone displaying the term 50 percent tariffs backdropped by cropped flags of the United States and Canada. Photo: Andre M. Chang/ZUMA Press Wire/dpa
21 July 2026, Taiwan, Taichung: A hand holds a smartphone displaying the term 50 percent tariffs backdropped by cropped flags of the United States and Canada. Photo: Andre M. Chang/ZUMA Press Wire/dpa
TT

US Imposes New Tariffs on 60 Partners as Trump Rebuilds Trade Agenda

21 July 2026, Taiwan, Taichung: A hand holds a smartphone displaying the term 50 percent tariffs backdropped by cropped flags of the United States and Canada. Photo: Andre M. Chang/ZUMA Press Wire/dpa
21 July 2026, Taiwan, Taichung: A hand holds a smartphone displaying the term 50 percent tariffs backdropped by cropped flags of the United States and Canada. Photo: Andre M. Chang/ZUMA Press Wire/dpa

A new wave of US tariffs targeting 60 trading partners took effect Friday, replacing an expiring global duty rolled out by President Donald Trump earlier this year.

The levies range from 10 percent to 12.5 percent and impact major economies like China, India and the European Union.

"The United States has had a forced labor import ban for nearly a century, and rigorously enforces it; it's well past time for our trading partners to do the same," said US Trade Representative Jamieson Greer.

He earlier added that the targeted economies represent the majority of US trade, AFP said.

The Trump administration has moved swiftly to rebuild the president's tariff wall after the Supreme Court struck down a host of his duties in February -- dealing a blow to his ability to unleash steep levies at will.

After the setback, Trump tapped different authorities to reimpose a 10-percent tariff on imports. But this only lasted 150 days and expired Friday.

The volley of new duties, initially proposed in June, now takes its place.

The measures were planned after a months-long investigation and are considered more resistant to legal challenges than earlier moves.

Under Thursday's announcement, economies that have implemented a forced labor import prohibition or committed to do so are hit with the lower 10-percent rate. They include Canada, the EU, India and the United Kingdom.

China, Japan, South Korea and dozens of others were deemed to deserve the higher 12.5 percent tariff.

But the EU, Taiwan, Japan, South Korea and Switzerland receive some relief in line with trade pacts they previously reached with the United States.

The new levies received swift condemnation from target countries, with Japan saying it "regrets" the duties and Australia's trade minister calling them "unjustified."

Goods already facing sector-specific tariffs -- like steel and aluminum -- will not be impacted.

Certain energy products and fertilizers will be exempt too, alongside products covered by the US-Mexico-Canada free trade pact, a US official told reporters.

- Maintaining leverage -

Washington is separately investigating 16 economies over excess industrial capacity, in probes that could lead to additional duties.

These could result in varying rates among countries eventually, experts warn.

The Trump administration's move to impose a baseline tariff while sustaining the threat of further duties maintains leverage over its trading partners, trade lawyer Greta Peisch told AFP.

It also creates an incentive for countries to comply with trade pacts that they earlier struck, she added.

In spending time on investigations, officials want their incoming tariffs to be robust if there are court challenges, said Peisch, a former general counsel for the Office of the US Trade Representative, who is now a partner at Wiley Rein.

"This makes it much more likely that they stay for the duration of Trump's term," signaling a "much more protectionist world's largest economy" moving forward, Josh Lipsky of the Atlantic Council told AFP.

Resurrecting tariffs boosts government revenues too, he added.

- 'Fragile' deals -

The Trump administration has been hunting for options that would allow it to aggressively deploy tariffs, said former US trade official Ryan Majerus.

In the longer term, Section 301 of the Trade Act of 1974, which Greer tapped to impose the latest duties, provides "more flexibility than people realize," Majerus said.

Once in place, officials can modify them based on new developments, added Majerus, a partner at King & Spalding.

The latest salvo comes shortly after a 25-percent tariff took effect on various Brazilian goods, as Washington accused the Latin American giant of unfair trade practices.

This week, Trump also ordered new 50-percent tariffs on many Canadian products, citing Ottawa's "discriminatory treatment" of American alcohol, automobile and dairy products.

The Canadian tariffs taking effect in a month rely on an untested legal provision, showing that Trump has other tools to swiftly wield, said Lipsky.

This signals that US tariff deals "are still fragile," he said.

Nonetheless, the EU, which has signed a trade pact, expects that Washington "will honor the commitments that are spelled out under the EU-US Joint Statement."



Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026.   REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
TT

Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026.   REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo

Danish shipping group Maersk said on Thursday it was increasing its emergency fuel surcharge (EFS) on all export collections and import deliveries due to ⁠the ongoing conflict ⁠in the Middle East.

Oil prices rose on Thursday on worries about supply from ⁠the Middle East region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz, while the US cut output as a hurricane menaced offshore production.

Maersk ⁠said ⁠in a statement it was increasing its EFS to 20% as of October 12, and that it would continue to review the surcharge regularly.


IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
TT

IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)

The International Monetary Fund has reached a staff-level agreement with Pakistan on reviews of some of its lending programs, potentially unlocking about $1.21 billion in financing pending board approval, the fund said on Wednesday.

If the board approves the deal, Pakistan could access about $1 billion under the ⁠Extended Fund Facility ⁠and $210 million under the climate-focused Resilience and Sustainability Facility, bringing total disbursements under the two programs to around $5.7 billion.

Pakistan remains reliant on external financing to bolster foreign ⁠exchange reserves and meet debt repayments.

"Supported by the EFF, the authorities have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability," Reuters quoted the fund as saying.

Risks remain elevated, however, due to geopolitical tensions, volatile energy prices, tighter global financial conditions ⁠and ⁠trade disruptions, the IMF said.

Pakistan is the most vulnerable major Asia-Pacific economy to a prolonged Middle East conflict, given its dependence on Gulf energy imports, remittances and financing support from the region, Ahmad Mobeen, principal economist at S&P Global Market Intelligence, said earlier this year.


Gold Pauses Decline after Two-month Low as Traders Weigh US Fed Move

A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
TT

Gold Pauses Decline after Two-month Low as Traders Weigh US Fed Move

A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)

Gold prices steadied on Thursday after sliding to a two-month low in the previous session, as investors assessed the likelihood of another US Federal Reserve interest rate hike before year-end.

Spot gold was little changed at $4,116.67 per ounce by 0625 GMT. On Wednesday, bullion prices touched their lowest level since August 5 as a ‌firmer dollar and ‌higher US Treasury yields weighed on the ‌market.

US ⁠gold futures were ⁠flat at $4,140.70.

"The short-term investment case for gold remains challenged... We would need to see a break above $4,275 to become more constructive on the near-term upside," said Chris Weston, head of research, Pepperstone.

"If markets begin treating rising long-end yields as a reflection of sovereign credit and fiscal risk rather than stronger economic fundamentals, gold ⁠could start to diverge positively from bond yields ‌and the debasement trade could return ‌with greater force."

Fed policymakers were divided last month over the rationale for ‌raising interest rates, with "some participants" seeing a hike as needed ‌to keep the impact of energy and other price shocks at bay, but a more hawkish core viewing it as necessary to guard against emerging demand-driven inflation, minutes showed.

Traders see only a 19% chance ‌of a rate hike later this month, but are pricing in an 86% likelihood of ⁠an increase ⁠in December, according to CME's FedWatch tool.

Higher rates diminish the appeal of non-yielding gold.

The global economy is under threat from persistently high energy prices, record public debt and risks from the AI investment boom, International Monetary Fund Managing Director Kristalina Georgieva warned, urging governments to implement protective fiscal and monetary policy measures.

Among other metals, spot silver fell 1.9% at $59.01, platinum added 1.6% to $1,657.18 and palladium climbed 1.1% to $1,136.80.

"We see silver on a downward trajectory given the deteriorating chart patterns and expect a test of the 2026 lows in the mid to high $50s," Marex analyst Edward Meir said in a note.