BlockBeats report: On July 24, the U.S. Trade Representative (USTR) announced on the 23rd local time that, pursuant to Section 301 of the Trade Act of 1974, it will impose additional tariffs of 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 on July 24 at 12:00 p.m. Eastern Time (12:00 p.m. Beijing Time on July 24).
The USTR stated that, as the 10% global tariff expires, additional tariffs will be imposed on 60 economies, covering over 99% of U.S. trade. U.S. senior officials said that the 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.
In addition, goods covered under the United States-Mexico-Canada Agreement (USMCA) will also be exempted. U.S. officials noted that the new tariffs will not be imposed in addition to existing steel and aluminum import duties—the so-called “Section 232” tariffs implemented by Trump last year on national security grounds.