Trump Imposes Tariffs on 99.4% of Imports Following Supreme Court Ruling

Key Facts

In a sweeping escalation of trade policy, the Trump administration has imposed new tariffs covering 99.4% of all US imports, following a Supreme Court ruling that struck down previous reciprocal duty attempts. This move targets 60 trading partners with permanent duties of 10% and 12.5%, now explicitly including major economies such as China, Japan, and South Korea alongside the EU and Taiwan. According to reports, the administration is utilizing Section 301 to implement these measures while maintaining narrow exemptions for aircraft, critical minerals, and specific food items.

The inclusion of major Asian manufacturing hubs poses a significant threat to global technology supply chains, particularly for semiconductor giant TSM. With Taiwan facing a 12.5% tariff rate, the cost of high-end chips is expected to rise, impacting downstream tech sectors. Per market data, TSM closed at $415.58 on July 23, 2026, as investors weigh the impact of these broad barriers against a backdrop of 2.8% annual inflation in key regions like the EU and Canada, which may limit the ability of firms to pass on costs to consumers.

Investors are now bracing for potential retaliatory measures from China and Japan, which could further destabilize international trade relations. With TSM at $415.58 as of the July 23, 2026 close, market participants are monitoring for any signs of supply chain redirection. Key catalysts to watch include the scheduled implementation of industrial duties on Canadian goods in August and official updates regarding further exemptions for critical infrastructure components.