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#UStoImpose10To12.5PercentTariffsOn60Economies
The US Imposes Tariffs Between 10% and 12.5% on 60 Economies ✨
The US Trade Representative announced new tariffs on 60 economies on July 23rd. The measures go into effect on July 24th at 00:01 ET and cover over 99% of total US trade volume.
🔹 Announced by the U.S. Trade Representative
🔹 Legal basis: Section 301 of the 1974 Trade Act, citing concerns about forced labor
🔹 The current 10% global import tariff is ending, replaced by country-specific rates ranging from 10% to 12.5%
🔹 Effective July 24, 00:01 ET
🔹 Coverage: Over 99% of total U.S. trade volume
Country-based rates:
🔹 12.5% China
🔹 10% to 12.5% EU, Japan, Switzerland, South Korea
🔹 10% Canada, Mexico, India, UK
Exemptions:
🔹 Fuel, food, fertilizer
🔹 Products currently under sectoral tariffs: automotive, metals, pharmaceuticals
🔹 Products under the USMCA (U.S. Mexico-Canada Agreement)
The new framework replaces the previous single-rate structure with country-specific differentiated rates and includes an exemption list. The aim is to exclude items that would have a direct impact on inflation.