Trump eyes new tariffs on dozens of countries: Report

US President Donald Trump is preparing to impose new tariffs on dozens of countries as early as this week, The Financial Times reported on Tuesday.

US officials have reportedly drafted plans to replace expiring 10% global tariffs with new duties, likely ranging from 10% to 12.5% on around 60 countries.

Rather than relying on emergency powers struck down by the US Supreme Court, the administration would use an investigation into forced labor practices under Section 301 of the Trade Act of 1974 to justify the measures. Additional probes could later support higher tariffs, the report said.

Trump has continued to expand his tariff agenda, recently announcing 50% tariffs on Canadian goods and a 25% levy on Brazilian imports.

His latest push follows a Supreme Court ruling earlier this year to invalidate the reciprocal tariffs Trump introduced in April 2025, throwing world markets into turmoil.

Behind the scenes, senior officials have urged Trump to preserve stability with trading partners and uphold trade agreements reached in 2025.

They have also softened some earlier tariff proposals by exempting key consumer goods and reducing duties on certain steel- and aluminum-related products.

Recent investigations into critical minerals and aircraft parts instead recommended negotiations over new tariffs.

The renewed trade push comes amid rising tensions with Iran, which have driven oil prices in the US above $4 a gallon and added pressure to household costs.

Polling earlier this month found more than two-thirds of US voters disapproved of Trump's handling of the cost of living, in the wake of his repeated campaign pledges to bring prices down.

“I think the big influence on tariff rates is the political climate and affordability concerns, which constrain Trump’s ability to escalate,” said Michael Smart, managing director at Rock Creek Global Advisors, an advisory firm in Washington.

“This does not mean that tariff hikes are in the rear-view mirror,” said Wendy Cutler, a former US trade official who is now senior vice president at the Asia Society Policy Institute.

“But it does suggest that a more cautious approach is now called for, particularly in the lead up to the midterm elections,” she added, referring to US congressional elections this November, in which Trump’s Republican Party is widely expected to lose seats.

Though Trump is not on the ballot, losing control of one or both houses of Congress could limit his power in his final two years in office.

The proposed tariffs would target countries over forced labor practices, while a separate investigation into excess manufacturing capacity covers economies including the EU, China, India, Japan, Mexico, South Korea and several Southeast Asian nations.