The Trump administration is preparing another wave of tariffs. US Trade Representative Jamieson Greer warned on Tuesday that new duties could appear in the coming days.
The current broad 10 percent duties, introduced under Section 122, expire on Friday at 00:01 Eastern Time. Without Congressional extension, they will cease to be in effect.
Analysts expect the new tariffs to reach 12.5 percent and affect 60 countries, which account for about 99 percent of American trade. The reason cited is these countries' inability to combat forced labor.
Separately, Washington has already announced 50 percent duties on nearly $20 billion worth of Canadian goods. The measures will take effect on August 19 under Section 338 and will affect products previously protected by the USMCA agreement.
Starting July 23, a 25 percent tariff on Brazilian goods will also come into effect. It will cover thousands of items, including ethanol, and affect about $10 billion in trade.
In parallel, in the UK, new Prime Minister Andy Burnham announced a tax cut on his first full day in office. Starting October 1, the country will abolish the 5 percent sales tax on household electricity bills.
The average family will save about $60 per year. The shortfall in revenue is planned to be compensated by the cancellation of a digital identity program costing $2.42 billion.
Burnham emphasized: "We are taking immediate action to cut energy bills, put more money back into people's pockets and restore hope."
High electricity bills remain one of the main reasons for the cost of living crisis in the country.
Washington and London are acting in different directions: the US is increasing protectionism, while the UK is trying to alleviate pressure on consumers. Both steps reflect domestic priorities against the backdrop of global trade and energy challenges.
