Trump to slap 'sweeping' new tariffs on 60 trade partners as global duties expire

The Trump administration's plan to impose new tariffs on 60 trade partners comes as the global trade landscape continues to shift. The move signals a renewed effort by the administration to assert its trade agenda, despite earlier setbacks in court. This development is likely to escalate tensions with trading partners, particularly as the global economy is still reeling from the impacts of the pandemic.

The tariffs are set to be imposed as existing global duties expire, which could have far-reaching consequences for international trade. The administration's actions have been met with criticism from some quarters, with concerns that such measures could lead to retaliatory actions from affected countries and exacerbate existing trade imbalances. The tariffs could also have a significant impact on industries that rely heavily on international trade, such as manufacturing and agriculture.

What's next to watch is how trading partners respond to the new tariffs and whether the administration's actions lead to a significant escalation in trade tensions. The US Trade Representative's office will likely face increased scrutiny over the coming weeks and months as the details of the tariffs are hashed out. Additionally, market participants will be watching for any signs of impact on the US economy, particularly in sectors that are heavily reliant on international trade.

Originally reported by cnbc.com. Trade-News adds analysis for finance & markets readers.