U.S. Tariffs Now Rest on Statute, and the Escalation Has Moved to Section 232

The 10% emergency surcharge lapsed on July 24 and was replaced the same day by Section 301 duties of 10% or 12.5% on 60 economies. Since then Section 232 has added 100% duties on patented drugs and large drones and price floors on solar inputs, each with a discount for allies.