The Global Tariff Landscape Heated Up Sharply Last Week Amid Major Uncertainties.

The United States emerged as the biggest variable this week. On one hand, the Supreme Court announced it will issue a ruling on January 9 regarding the tariffs imposed during the Trump administration, including the fentanyl tariffs and reciprocal tariffs targeting China. If the tariffs are ruled unlawful, the U.S. may cut its tariffs on Chinese goods by up to 20% and could be required to refund over $133.5 billion in tariffs already paid by businesses.

On the other hand, the U.S. has officially enacted the 2025 Russia Sanctions Act, resolving to impose punitive tariffs of up to 500% on any country that continues to purchase Russian oil and petroleum products.

Vietnam has continued and expanded its anti-dumping measures on steel products originating from China, levying tariffs ranging from 4.43% to a maximum of 37.13% on multiple categories of cold-rolled steel products.

This week, the global tariff landscape has been shaped by the judicial variable of potential rollbacks to U.S. tariff policies, resulting in a marked rise in trade uncertainties.