The latest source of uncertainty is the Trump administration’s move this week to replace the expired, temporary 10% global tariff on goods entering the US with targeted actions under Section 338 of the Tariff Act of 1930. Trump also hit Canada, the largest single export market for the US, with 50% tariffs on a range of products this week, including beer, wine, paper and hockey sticks. Other countries are expected to see additional targeted Section 338 tariffs, with China and Europe as the next likely targets, TD Cowen analyst Chris Krueger wrote in a July 20 note.