US President Donald Trump plans to unleash new tariffs on 60 more countries as soon as Friday, setting up another round of bruising trade wars.
Trump has already hit Canada and Brazil with fresh levies; the US’ trade representative said Tuesday, “We do expect action soon.” The duties could fall between 10 and 12.5%, the Financial Times reported, and risk amplifying uncertainty amid ongoing negotiations over the US-Mexico-Canada agreement, which Trump has indicated he wants to exit.
But the president has limited room to escalate in a tit-for-tat fight, given the Iran war-fueled inflationary pressures and Washington’s battle-hardened trading partners who have learned from earlier bouts: “In a trade war, fighting back works,” Canada’s former deputy prime minister wrote.
