U.S. Imposes 10%-12.5% Tariffs on 60 Economies, Effective Today

BlockBeats News, July 24 — On July 23 local time, the United States Trade Representative (USTR) issued an announcement stating that, under Section 301 of the Trade Act of 1974, it will impose tariffs of 10% to 12.5% on dozens of countries and regions under the pretext of 'forced labor.' These tariffs will replace the soon-to-expire global import tariffs. The new tariffs will take effect on July 24 at 12:00 PM Beijing time (Eastern Time: July 24). According to USTR, as the 10% global tariff expires, this new measure will impose tariffs on 60 economies, covering over 99% of U.S. trade volume. Senior U.S. officials stated that tariff measures on goods in transit will take effect at 12:01 AM Eastern Time on July 28 (12:01 PM Beijing time on July 28). Imports of fuel, food, and fertilizers will be exempt from the new tariffs, as will products subject to specific industry tariffs (such as automobiles, metals, and pharmaceuticals). Additionally, goods covered under the United States-Mexico-Canada Agreement (USMCA) will also be exempt. U.S. officials emphasized that the new tariffs will not overlap with existing steel and aluminum import tariffs (implemented last year by former President Trump under the 'Section 232' national security provision). [Original Link]