US to raise tariffs to 15 per cent and above

The US administration plans to raise certain import tariffs from the current 10 per cent to 15 per cent or more. The announcement was made by US Trade Representative Jamieson Greer, who did not specify which countries would be affected.

He also stressed that Washington does not intend to increase tariffs on Chinese goods beyond current levels, particularly in light of President Donald Trump’s forthcoming trip to China.

The new measures are intended to replace tariffs overturned by the Supreme Court and, according to Greer, comply with existing trade agreements.

Investigations under Section 301 of the Trade Act of 1974, aimed at countries suspected of unfair practices, excessive industrial capacity or the use of forced labour, are expected to serve as a key instrument for tailoring policy to individual states. Under the Trade Act of 1974, which Trump invoked on 20 February to impose the new tariff, duties can only be applied uniformly to all imports.

The administration is also continuing its review of strategic sectors from a national security perspective.

(reuters, pir)