The United States Imposes 10%-12.5% Tariffs on 60 Economies, Effective Today

BlockBeats News, July 24th. The Office of the United States Trade Representative (USTR) announced on July 23rd local time that, based on Section 301 of the 1974 Trade Act, it will impose 10% to 12.5% tariffs on dozens of countries and regions under the name of "forced labor," replacing the expiring global import tariffs. The new tariffs will take effect on July 24th at 12:00 p.m. Beijing time.

The USTR stated that as the 10% global tariffs expire, this round of tariffs will be imposed on 60 economies, covering over 99% of U.S. trade. U.S. senior officials indicated that the relevant tariff measures on goods in transit will take effect at 12:01 a.m. EDT on July 28th (12:01 p.m. Beijing time on July 28th). Imported goods such as fuel, food, and fertilizers will be exempt from the new tariffs, and products subject to specific industry-related tariffs (such as cars, metals, and pharmaceuticals) are also excluded.

Furthermore, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also be exempt. U.S. officials noted that the new tariffs will not overlap with the existing steel and aluminum import taxes (the "232 provisions" tariffs imposed by Trump last year on national security grounds).