Bank of America analysts say Brazil, Mexico, and Canada could emerge as key beneficiaries of President Trump's new global tariffs, which took effect at a 10% rate after a Supreme Court ruling. The tariffs, issued under Section 122 of the 1974 Trade Act, will remain in place for 150 days.

Brazil stands to see its U.S. tariffs fall sharply from 40% to potentially 15% if Trump follows through on raising the Section 122 rate. Canada and Mexico benefit from exemptions under the USMCA agreement, lowering their effective rates to 2% and 4% respectively. El Salvador, Guatemala, and Ecuador also gain protection through recent bilateral deals.

However, Panama and Peru face potential disadvantages if the tariff rate increases to 15%, having previously been subject to 10% reciprocal tariffs. The White House is reportedly working on a formal order to raise the rate, while Congress will decide the tariffs' fate after the 150-day period. This analysis comes amid uncertainty about the standing of trade agreements following the Supreme Court's decision to strike down Trump's broader reciprocal tariffs.