Trump preparing new tariffs on 60 countries this week

According to the outlet's sources, officials have already drafted several options as the current 10% tariffs are set to expire at the end of this week. The new package includes rates ranging from 10% to 12.5% for 60 countries.

Behind the scenes, however, officials are warning Trump against this step. They have advised maintaining stability in trade relations and honoring existing agreements to avoid economic shocks ahead of the midterm vote.

Talks instead of new tariffs

Following investigations into supplies of critical raw materials and aircraft components, Trump's advisers recommended negotiating with US trading partners rather than imposing new tariffs.

At the same time, the White House is pursuing additional trade investigations that could provide the president with legal grounds to introduce even higher tariffs in the future.

US trade investigations

In March, Washington launched an investigation under Section 301 of the Trade Act of 1974, along with a separate probe into excess manufacturing capacity.

The investigations cover several major economies and regions, including:

• the European Union, China, India, and Japan;
• South Korea, Vietnam, Taiwan, Mexico, and Bangladesh;
• Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, and Thailand.

Earlier, Donald Trump announced a 50% tariff on a broad range of goods imported from Canada, affecting a significant share of Canadian exports to the United States.

The new tariffs will take effect 30 days after the announcement, marking another escalation in trade tensions between Washington and Ottawa.