Overview
- U.S. Trade Representative Jamieson Greer said a supplemental proclamation is coming to lift rates to 15% for some nations and potentially higher for others, despite the initial rollout as a universal measure.
- A 10% global tariff under Section 122 took effect Tuesday for up to 150 days without congressional approval, and Senate Democrats signaled opposition to any extension beyond that window.
- The administration is pursuing more durable tariff paths under Sections 301 and 232, with Treasury Secretary Scott Bessent indicating a goal of keeping overall revenue largely unchanged this year.
- Key partners are recalibrating: the EU paused ratification of a deal, India postponed talks, Indonesia highlighted its pact is not yet ratified, and China warned it will respond firmly as Trump cautioned countries against reopening agreements.
- Refunds remain unresolved after the Supreme Court limited IEEPA, with businesses filing suits and petitions for repayment, CBP reporting about $200 billion in tariff revenue, and analysts estimating current tariffs add roughly $600–$800 per U.S. household over 150 days.