The US administration announced new tariffs late Thursday, setting rates at 10 and 12.5 percent. These tariffs will replace a temporary 10 percent duty set to expire Friday. The new duties will apply to approximately 60 countries, covering 99 percent of US imports. The European Union will be subject to the base 10 percent tariff rate. This move impacts a vast majority of global trade with the United States. The changes are intended to be a more permanent adjustment to import policies. Details on specific product impacts are still emerging.