The US will likely implement a 15% global tariff this week, the country’s Treasury secretary said, while countries elsewhere expanded trade links with each other.
Scott Bessent added that US levies would soon return to the levels they reached before the Supreme Court recently cancelled last year’s “Liberation Day” duties.
Several other countries have since sought to deepen their own links, eschewing commerce with the US: Brazil yesterday ratified a deal between the EU and Latin America’s biggest trade bloc; the EU will reportedly expand a “Made in Europe” preferential manufacturing zone to include Japan, the UK, and dozens of other trusted partners; and Canada’s premier is on a world tour to entice other “middle powers” to strengthen trade ties.
