Trump is ready to impose new tariffs on dozens of countries this week - FT

U.S. President Donald Trump is ready to impose new tariffs on dozens of countries as early as this week, even as his advisers warn him of the risk of economic turmoil caused by a trade war ahead of the midterm congressional elections. This is reported by the Financial Times, citing unnamed people familiar with the White House chief's plans, reports UNN.

Details

It is noted that U.S. officials have prepared options that would allow Trump to impose new tariffs on dozens of countries, as the 10% global U.S. tariffs expire this week.

Although the most urgent new tariffs are expected to be at the level of the existing 10% tariffs, the administration is also working on other investigations that could give it legal authority to propose higher tariffs. Behind the scenes, senior officials have advised the president to maintain stability with trading partners and adhere to the agreements that Washington reached with them to reduce tariffs in 2025

It is indicated that Trump's attempt to restart the trade war comes amid escalating hostility between the U.S. and Iran, which has shaken global energy markets and risks escalating into a regional conflict.

"The war has caused economic damage to ordinary Americans, raising gasoline prices to over $4 per gallon this week and risking fueling voter frustration over the high cost of living," the article says.

Recall

Earlier, U.S. President Donald Trump signed a decree imposing an additional 50% tariff on a wide range of goods imported from Canada, claiming "unfair treatment" by Ottawa of American cars, dairy products, and alcohol.

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