US imposes additional 10%-12.5% tariffs on 60 economies
7x24h News
US imposes additional 10%-12.5% tariffs on 60 economies
The Office of the United States Trade Representative (USTR) issued an announcement on the 23rd local time, declaring that pursuant to Section 301 of the Trade Act of 1974, tariffs of 10% to 12.5% will be imposed on dozens of countries and regions in the name of so-called "forced labor", to replace the expiring global import tariffs. The new tariffs will take effect on the 24th U.S. Eastern Time (12:00 noon on the 24th Beijing Time). The USTR stated that as the 10% global tariffs expire, tariffs will be imposed on 60 economies this time, covering more than 99% of U.S. trade volume. U.S. senior officials indicated that relevant tariff measures for goods in transit will take effect at 12:01 a.m. on July 28 U.S. Eastern Time (12:01 p.m. on July 28 Beijing Time). Imported goods 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 from the levy. In addition, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also be exempted. U.S. officials noted that the new tariffs will not be levied cumulatively with existing steel and aluminum import duties (i.e., the "Section 232" tariffs implemented by Trump last year on national security grounds). (Jin10)
Navigating Web3 tides with focused insightsTechFlow News, July 24. The Office of the United States Trade Representative (USTR) announced on the 23rd local time that, pursuant to Section 301 of the Trade Act of 1974, additional tariffs of 10% to 12.5% will be imposed on dozens of countries and regions under the guise of so-called "forced labor" to replace the global import tariffs that are about to expire. The new tariffs will take effect on the 24th US Eastern Time (12:00 PM Beijing Time on the 24th).
The USTR stated that as the 10% global tariff expires, tariffs will be imposed on 60 economies this time, covering more than 99% of US trade volume. US senior officials stated that relevant tariff measures for goods in transit will take effect at 12:01 AM US Eastern Time on July 28 (12:01 PM 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 excluded from the levy.
In addition, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also be exempt. US officials pointed out that the new tariffs will not be levied cumulatively with existing steel and aluminum import taxes (i.e., the "Section 232" tariffs implemented by Trump last year on the grounds of national security). (Jin10)
