#UStoImpose10To12.5PercentTariffsOn60Economies

New U.S. Tariffs Impose Trade Pressure on 60 Economies Global trade has landed back into an area of uncertainty following new tariff announcements by the U.S. Trade Representative (USTR) that impacts trade with 60 economies as it imposes Section 301 “Additional import duties from countries other than”, based on Section 301 of the Trade Act of 1974.

The change effective at 12:01 a.m.

EDT, July 24th, replaces the prior 10% global duty, changing tariff rates in a bracket from 10%-12.5% across these countries. Global trade in value will exceed 99% under the tariff, becoming one of the widest impacts ever introduced in terms of trade policy, stemming from reports and concerns regarding forced labor that prompted the U.S. Administration to introduce the trade policy. Certain major trade partners of the U.S.

Were directly impacted.

In turn, such changes also involve a shift of trade volume from “Other countries”, impacting economies ranging from EU, Japan, Switzerland, and South Korea all subjected to duties ranging from 10%-12.5%, to Canada, Mexico, India and UK all subjected to duties between 10%-11% and China with 12.5% duty as well as being placed into a newly established section of 2 “Countries with imports from other countries,” to the Trade Remedy’s 301 tariff regime, that could possibly have been a form of retribution given recent events in U.S. Domestic policy, though official remarks from U.S. Officials stress forced labor is the reason.

Note: The tariff exclusions include essentials such as fueling equipment, food, and fertilizers, with additional categories exempted. Other categories such as pharmaceuticals, vehicles, steel, and aluminum products are already in another set of sectorial tariffs or are exempt since they currently fall under the USMCA. #GlobalTrade #Economy #GateSquare.