Op-ed | New tariffs force businesses into contingency planning

President Trump announced new tariffs effective July 24, 2026, on 60 trading partners including Canada, Mexico, China, and the European Union, with rates ranging from 10% to 12.5% under Section 301 of the Trade Act of 1974. Additional 50% tariffs on Canadian goods are planned for August 19, 2026, under Section 338 of the Tariff Act of 1930, amid tensions over the USMCA agreement. Businesses are urged to diversify supply chains and prepare contingency plans.