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

Odaily Odaily星球日报讯 The Office of the United States Trade Representative (USTR) issued a notice on the 23rd local time, announcing 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, citing so-called "forced labor," to replace the soon-to-expire 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). USTR stated that as the 10% global tariff expires, this round will impose tariffs on 60 economies, covering more than 99% of U.S. trade volume. A senior U.S. official said that tariff measures on 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). Imported goods such as fuel, food, and fertilizers will be exempt from the new tariffs; products subject to separate industry-specific tariffs, such as automobiles, metals, and pharmaceuticals, will also not be included. Additionally, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also be exempt. U.S. officials pointed out that the new tariffs will not be stacked on top of the existing steel and aluminum import duties (i.e., the "Section 232" tariffs imposed by Trump last year on national security grounds). (Jin Shi)