President Trump unveiled on July 24 new tariffs covering 99.4% of US imports from more than 60 countries, with rates ranging from 10% to 12.5%. These duties took effect on the exact day a temporary 10% global tariff expired after 150 days in effect. Canada faces the harshest impact with 50% tariffs on 554 products, signed July 20 and effective August 19. Projections indicate that these new measures under Section 301 are expected to generate $581 billion in revenue between 2026 and 2036.
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