Trump Imposes 10% Tariffs on 60 Nations as Asia Buckles Under $100 Oil and Currency Stress
Updated
Updated · Asia Times · Jun 6
Trump Imposes 10% Tariffs on 60 Nations as Asia Buckles Under $100 Oil and Currency Stress
3 articles · Updated · Asia Times · Jun 6
Summary
At least 10% U.S. tariffs now hit 60 economies including China, Japan, India, South Korea, Taiwan and the EU, reviving Trump’s trade offensive days after earlier proposals and despite a Supreme Court setback to his prior tariff regime.
Section 301 of the 1974 Trade Act is the new legal vehicle, with the administration framing the levies as punishment for forced-labor-linked supply chains and warning investors and companies of rising compliance and headline risk.
Japan faces a 12.5% tariff while already defending a battered yen, with officials signaling intervention around 160-162 per dollar as oil near $100 worsens imported inflation for an economy reliant on Middle East energy.
Indonesia’s rupiah has broken past 18,000 per dollar and India’s rupee is at record lows, leaving Asian policymakers to fight capital pressure, inflation and tariff uncertainty at the same time.
The EU and Australia called the tariffs unjustified, and analysts warned stacking the new duties onto existing deals could jeopardize trade accords and revive U.S. consumer backlash if prices rise again.
With tariffs hitting an 80-year high, is the US risking global trade stability for domestic manufacturing gains?
Will new US tariffs curb forced labor or mainly raise costs for American consumers and small businesses?
U.S. Trade Policy in Turmoil: $133 Billion Tariff Refunds, Judicial Showdowns, and the Section 301 Shift
Overview
Recent court decisions have dramatically changed U.S. trade policy. The Supreme Court ruled on February 20, 2026, that President Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to mass refunds for importers. In response, the Trump Administration tried to use Section 122 tariffs, but on May 14, 2026, the Court of International Trade found these were also unauthorized. Lawsuits from states and businesses followed, but the CIT decision is not final, so refunds for Section 122 tariffs are not yet available. This legal back-and-forth has created uncertainty for businesses and trade policy.