EPU and Trade Policy Uncertainty:

Figure 1: Economic Policy Uncertainty (blue, left scale), 7 day centered moving average (bold dark blue, left scale), EPU-Trade Category (pink, right scale), 7 day centered moving average (bold red, right scale). Source: Policyuncertainty.com accessed 7/25/2026.

Hence, even if the new Section 301 tariffs merely maintain the effective tariff rates under Section 122, trade policy uncertainty seems heightened (note the Section 338 tariffs threatened against Canada are only a few days before the new Section 301 tariffs).