**US Considers New Tariffs as Current Trade Duties Approach Expiration**
*Published on July 21, 2026*
The United States Trade Representative, Jamieson Greer, has indicated that a new wave of tariffs may be forthcoming as existing global trade duties, implemented during the Trump administration, are set to expire imminently. Unless Congress intervenes, these tariffs will lapse on Friday.
In an interview on CNBC's Squawk Box, Greer expressed confidence that "some action" regarding tariffs is expected soon, although he did not provide a specific timeline. The potential new tariffs could affect around 60 trading partners, raising concerns about escalating tensions with major economies such as China, Japan, and the European Union.
The context for these developments stems from earlier actions taken by the White House. In February, tariffs were imposed under Section 122 of the US Trade Act of 1974, which permits the president to levy tariffs of up to 10 percent for a period of 150 days without needing congressional approval. This move followed a Supreme Court ruling that invalidated Trump's previous use of the International Emergency Economic Powers Act (IEEPA) to impose broader tariffs, determining that he lacked the necessary authority.
The administration is reportedly preparing a new set of tariffs aimed at addressing various allegations, including concerns over forced labor practices in certain countries. The potential tariffs could encompass a significant portion of US trade, further complicating relationships with international partners.
Recent actions have already indicated a shift in trade policy. Last week, the White House announced a 25 percent tariff on numerous imports from Brazil, covering a range of products from sugar to steel. Following that, a new 50 percent tariff on goods from Canada was unveiled, targeting items such as wine and cement. This measure, which will take effect in 30 days, is based on claims of "discriminatory treatment" of US products, including automobiles and dairy goods, by the Canadian government.
A statement from the White House emphasized President Trump's commitment to holding Canada accountable for what it describes as unfair trade practices that disadvantage American businesses and consumers.
However, the burden of these tariffs largely falls on US consumers and businesses. Research from the Kiel Institute for the World Economy has shown that American importers and consumers bear approximately 96 percent of the costs associated with these tariffs. The Tax Foundation, a nonpartisan organization, has estimated that the tariffs could increase the average tax burden on US households by about $700.
Despite the ongoing trade tensions and the implications of potential new tariffs, US markets have shown resilience. As of midday trading, the Nasdaq index was up by 0.8 percent, the Dow Jones Industrial Average had risen by 0.6 percent, and the S&P 500 increased by 0.5 percent.
As the situation develops, stakeholders from various sectors will be closely monitoring the administration's decisions regarding tariffs and their potential impact on both domestic and international trade dynamics.