On Friday (the 20th), President Trump revealed that a new 10% tariff is set to be applied to all nations, following the Supreme Court's invalidation of prior tariffs. The White House stated that these tariffs will take effect on Tuesday (the 24th) and are based on Section 122, established in 1974, which allows taxation due to fundamental international payment issues. The tariffs can only be sustained for a maximum of 150 days, though the administration indicated that they would remain in place throughout this period, suggesting a commitment to this policy despite potential international backlash.

According to the announcement, certain products will not be subject to these new tariffs, including beef, tomatoes, and oranges. This exemption is significant as it suggests an effort to mitigate potential inflationary effects on essential food items. Additionally, critical minerals and other strategic goods like energy sources, fertilizers, pharmaceuticals, electronics, vehicles, aerospace materials, and educational materials (including books) will also remain exempt, indicating a selective approach to tariff implementation aimed at minimizing disruption in key sectors of the economy.

The government's strategy also involves ensuring that goods originating from Canada and Mexico will be shielded from these tariffs, as long as they comply with the USMCA agreement. This is a critical consideration, as it illustrates the administration's focus on preserving trade relationships with neighboring countries while still pursuing broader economic protectionism against other nations. The ramifications of these tariffs could provoke international disputes and affect various sectors within the United States economy depending on how other countries respond to these measures.