The U.S. Imposes 10%-12.5% Tariffs on 60 Economies

Odaily Planet Daily report: On the 23rd local time, the U.S. Trade Representative (USTR) announced, pursuant to Section 301 of the Trade Act of 1974, the imposition of additional tariffs ranging from 10% to 12.5% on dozens of countries and regions under the pretext of “forced labor,” replacing the impending expiration of global import tariffs. The new tariffs will take effect at 12:00 p.m. Eastern Time on the 24th (12:00 p.m. Beijing Time on the 24th). The USTR stated that, as the 10% global tariff expires, tariffs will be imposed on 60 economies, covering over 99% of U.S. trade volume. Senior U.S. officials indicated that tariff measures for goods in transit will take effect at 12:01 a.m. Eastern Time on July 28 (12:01 p.m. Beijing Time on July 28). Imports such as fuel, food, and fertilizer will be exempt from the new tariffs; products subject to separate industry-specific tariffs (such as automobiles, metals, and pharmaceuticals) are also excluded. Additionally, goods covered under the United States-Mexico-Canada Agreement (USMCA) will be exempted. U.S. officials noted that the new tariffs will not be levied in addition to existing steel and aluminum import duties (i.e., the “Section 232” tariffs imposed by Trump last year on national security grounds). (Jinshi)