New Global Tariff Upends Trade Landscape

President Trump's 10% tariff creates unexpected winners and losers among exporting nations

Published on Mar. 2, 2026

Got story updates? Submit your updates here. ›

President Trump's new 10% global tariff, issued under Section 122, has dramatically changed the trade landscape by lowering rates for major exporters like China, Bangladesh, Vietnam, and Indonesia that previously faced the highest tariffs, while erasing the advantage of close allies like Britain and Australia that had the lowest rates. The change is seen as relatively beneficial for Southeast Asian nations, though some products like luxury goods from Japan and the EU are now subject to the new tariff.

Why it matters

The global tariff overhaul has significant implications for international trade, reshuffling the competitive landscape for exporters and potentially prompting a new surge in imports from countries that now face lower rates. It also highlights the Trump administration's continued use of unilateral trade actions despite legal challenges.

The details

The 10% tariff replaces the previous system of levies that the Supreme Court struck down last month. Major exporters that had faced the highest tariff rates, including China, Bangladesh, Vietnam, Indonesia, and Brazil, now face a lower 10% rate. Canada and Mexico also see much lower nominal rates, though many of their exports are excluded under a North American trade pact. The losers are countries that previously had the lowest rates, like Britain and Australia, who have lost their tariff advantage.

  • The new 10% global tariff was issued by President Trump under Section 122 in March 2026.
  • The previous tariff system was struck down by the Supreme Court last month.

The players

President Trump

The president who issued the new 10% global tariff under Section 122.

Mira Rapp-Hooper

A visiting fellow at the Brookings Institution who commented on the impact of the new tariff on Southeast Asian nations.

Ryan Petersen

The chief executive of Flexport, a freight forwarder and logistics provider, who discussed the impact of the new tariff on specific product categories.

Got photos? Submit your photos here. ›

What they’re saying

“If you're in Southeast Asia, a 10 percent tariff under Section 122 is actually a relatively good deal. It's relatively better off than you thought you were going to do under your negotiated agreement with the Trump administration.”

— Mira Rapp-Hooper, Visiting Fellow, Brookings Institution (Brookings Institution panel discussion)

“Bangladesh and Vietnam stood out as relative winners given that their previous rates of around 20 percent had now dropped to 10 percent.”

— Ryan Petersen, Chief Executive, Flexport (Interview)

What’s next

The impact of the new global tariff on trade flows and the competitive landscape for exporters will continue to be closely watched in the coming months.

The takeaway

President Trump's unilateral move to impose a flat 10% global tariff has upended the previous trade landscape, benefiting major exporters that faced the highest rates while erasing the advantage of close allies with the lowest rates. The change highlights the administration's continued use of trade actions despite legal challenges, with significant implications for international commerce.