Trump Announces Tariffs on 60 Economies at 10%-12.5% on Friday, Threatens EU Over Tech Fines

The Trump administration announced a new round of tariffs targeting 60 economies at rates between 10% and 12.5% on Friday (July 24), with additional measures expected to follow. The U.S. Trade Representative (USTR) is conducting an ongoing "excess capacity" investigation under Section 301 of the 1974 Trade Act, expected to result in further tariffs that will layer atop existing duties.

On the same day, Trump threatened to launch a Section 301 investigation into the European Union over its large fines against U.S. tech giants Google and Apple, vowing "massive tariffs" on the EU in response. Deutsche Bank macroeconomic research head Jim Reid noted that while these tariffs require periodic review, they have a "much more solid legal foundation" than earlier measures struck down by courts, and tariffs are "gradually becoming a permanent tool of U.S. economic policy."