# Trump's new import tariffs could have far-reaching effects Experts warn that the new tariffs could set a precedent for future presidents. - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-07-24 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/8dba3627-faee-4fb1-80f4-ea90a2ff9796 ## New import tariffs take effect US President Donald Trump has implemented new import tariffs as part of his ongoing global trade war. These tariffs aim to combat unfair practices like forced labor. ## Role of Section 301 The new tariffs are based on Section 301 of the 1974 Trade Act. This section allows the US to take action against unfair trade practices. ## Legal foundation While previous tariffs faced legal challenges, Section 301 provides a stronger legal basis. This could set a precedent for future presidents. ## Economic impacts The short-term economic impact of the new tariffs appears limited, but they could increase import costs in the long run. Oxford Economics notes a rise in the effective tariff rate. ## Future risks Section 301 could be used by future presidents to impose broad tariffs. This could apply to issues like carbon emissions and AI regulations. ## Conclusion and forecasts The new tariffs could lead to lasting changes in US trade policies. Experts warn that this could affect global trade balances. ## Sources covering this story - https://fortune.com/2026/07/24/trump-section-301-precedent-trade-war-effective-rate-import-taxes/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._