The Trump administration is set to impose new tariffs of 10% and 12.5% on imports from 60 trading partners beginning Friday as a temporary global tariff expires. In response, Trump implemented a temporary 10% global tariff under Section 122 of the Trade Act of 1974 that expires at 12:01 a.m. The Office of the U.S. Trade Representative announced Thursday that the new tariffs, imposed under Section 301 of the Trade Act of 1974, will take effect immediately after the temporary duties expire. TRUMP UNVEILS PHASED TARIFFS ON GENERIC DRUGS TO BOOST US PRODUCTIONTaiwan and the European Union, meanwhile, are slated to face a 12.5% tariff. The announcement follows a series of new trade actions unveiled by the Trump administration this week.