Trump administration imposes new tariffs on 60 economies

The Trump administration has imposed new customs duties on 60 "economies," affecting 86 states in total, according to a presidential directive dated July 23, 2026. Sixteen "economies," including the 27 European Union member states and the United Kingdom, face a 10% tariff. Other countries, such as Switzerland, will be taxed at 12.5%.

These new taxes are justified under a 1974 trade regulation, citing efforts to combat trade in goods produced by forced labor. Differences in tariff rates among trading partners are reportedly based on their alignment with American practices. A second investigation into "industrial overcapacity" is anticipated, which could result in additional taxes.

The directive, spanning nine pages, details the process for investigations, hearings, and decisions, outlining justifications for tariffs and exemptions based on U.S. market needs. The Secretariat of State for Economic Affairs (Seco) in Switzerland noted that applicable duties under the most-favored-nation clause will apply if they already meet or exceed 12.5%. For Switzerland, this means the total customs duties will be at least 12.5%, although some exceptions for specific products are foreseen, similar to the EU.

Further details are available in a 50-page annex, which references specific customs codes. For instance, one clause mentions Switzerland in relation to tariff codes 9903.05.38, 9903.05.39, and others, indicating that for goods originating from the EU, Japan, South Korea, Switzerland, or Taiwan, specific or composite general rates will apply.