CITIC Securities says U.S. Section 122 tariffs expire July 24 and Section 301 tariffs could become the primary substitute—essentially a replacement rather than an escalation. After IEEPA tariff authority was overturned, the Trump administration is building a new framework centered on routine executive trade powers—a one-framework, three-tool approach—distinct from prior large-scale reciprocal-tariff tactics. Overall, the latest tariff adjustments pose limited global shock. Separately, the U.S. i

CITIC Securities says U.S. Section 122 tariffs expire July 24 and Section 301 tariffs could become the primary substitute—essentially a replacement rather than an escalation. After IEEPA tariff authority was overturned, the Trump administration is building a new framework centered on routine executive trade powers—a one-framework, three-tool approach—distinct from prior large-scale reciprocal-tariff tactics. Overall, the latest tariff adjustments pose limited global shock. Separately, the U.S. is using USMCA reviews as leverage to press Mexico and Canada on rules of origin and market access; negotiations may oscillate between tariff threats and concessions.