US imposes 10%-12.5% tariffs on 60 economies

Odaily星球日报讯 The Office of the United States Trade Representative (USTR) issued a notice on the 23rd local time, announcing the imposition of tariffs ranging from 10% to 12.5% on dozens of countries and regions under Section 301 of the Trade Act of 1974, citing alleged "forced labor," to replace the expiring global import tariffs. The new tariffs will take effect at 24:00 Eastern Time on the 24th (12:00 noon Beijing time on the 24th). The USTR stated that as the 10% global tariff expires, this round of tariffs will be applied to 60 economies, covering over 99% of US trade volume. Senior US officials said that tariff measures on goods in transit will take effect at 12:01 am Eastern Time on July 28 (12:01 noon 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) are also not included in the scope. Additionally, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also receive exemptions. US officials pointed out that the new tariffs will not be stacked on top of existing steel and aluminum import duties (i.e., the "Section 232" tariffs imposed by Trump last year on national security grounds). (Jin Shi)