US President Donald Trump plans to impose new import tariffs on about 60 countries this week, replacing the expiring global tariff.
The new tariffs are expected to range between 10% and 12.5%.
In February, Trump signed an order imposing a 10% global tariff on all countries. The measure, taken under Section 122 of the Trade Act of 1974, entered into force on February 24 and was set to remain in effect for 150 days.
The tariff is set to expire on Friday, July 24. The newly planned tariffs are expected to take effect from that date.