Trump Unveils New Tariff Strategy to Close $1.6 Trillion Revenue Shortfall

• Trump administration seeks to recover USD 1.6 trillion in lost tariff revenue after a Supreme Court decision struck down previous import taxes.
• New strategy involves two investigations under Section 301 of the 1974 Trade Act to impose tariffs.
• First probe targets 16 economies, including the EU, China, South Korea, and Japan, over subsidized factory capacity.
• Second probe examines dozens of countries, including Mexico, Canada, Australia, and Brazil, for failing to ban forced labor goods.
• The administration views tariffs as a crucial revenue-raiser to offset tax cuts, despite experts noting costs fall on US consumers.