Trump administration plans permanent tariffs to replace temporary ones, rattling global markets

The temporary tariffs were always supposed to be temporary. Now the Trump administration wants to make sure the next round isn’t. The White House is preparing to replace its current 10% global import tariff, which expires on July 24, 2026, with a new set of permanent tariffs enacted under Section 301 of the Trade Act. Unlike the current penalties imposed under Section 122, which come with a built-in 150-day shelf life, Section 301 tariffs have no automatic expiration date. What’s actually happening US Trade Representative Jamieson Greer announced on June 2, 2026, the findings from Section 301 investigations into 60 economies. The proposed rates landed at 10% for 15 trading partners and 12.5% for 45 others, including China. That covers approximately 99% of US imports. The investigations, which kicked off in March 2026, cite failures by trading partners to enforce bans on goods produced with forced labor. The strategic objective is more straightforward: maintaining tariff levels that would otherwise vanish when the Section 122 authority runs out later this month. The Supreme Court issued a ruling in February 2026 that invalidated the administration’s broader tariffs under the Interna...