Trump Imposes New Tariffs on Nearly All US Imports

The Trump administration will impose new tariffs of 10% and 12.5% on imports from about 60 trading partners, including the European Union, from Friday. The measure will cover 99.4% of US imports and replace the temporary 10% tariff that expires early on Friday US time.

Washington argues that many countries are failing to enforce bans on imports of goods produced using forced labor adequately. The measure is being imposed under Section 301 of the Trade Act of 1974, giving the administration a stronger legal basis after the Supreme Court struck down Trump’s sweeping “reciprocal” tariffs in February.

Imports from the European Union, Japan, South Korea, Taiwan and Switzerland will be subject to new rates that, together with existing most-favored-nation tariffs, will produce a total tariff burden of 10% or 12.5%.

A further 38 countries, including China, will face tariffs of 12.5%. The administration has said that the new measures will not exceed agreed caps for countries that have already concluded trade deals with the US setting maximum tariff rates.

The tariffs will not apply to several goods, including oil, natural gas, fertilizers and certain food products, or to automobiles, steel, aluminum and copper, which are already subject to other US tariffs. Norway, Australia, Brazil and Canada are among the countries that have objected to the measure.

(Reuters, Lud)