U.S. to Levy 10%–12.5% Tariffs on 60 Economies From July 24
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The USTR's new 10%–12.5% Section 301 tariffs on 60 economies covering most U.S. trade materially raise near-term trade-friction and input-cost risk, even with exemptions for fuel, food, fertilizer, USMCA goods, and sectors already under separate tariffs. The policy shift can tighten financial conditions via higher inflation uncertainty and supply-chain disruption, supporting defensive positioning and pressuring risk assets sensitive to global growth and margins.
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BlockBeats reports that the Office of the U.S. Trade Representative (USTR) said late July 23 local time it will impose additional tariffs of 10% to 12.5% on dozens of countries and regions under Section 301 of the Trade Act of 1974, citing "forced labor" concerns. The move is set to replace a global import tariff scheduled to expire.
The new duties take effect July 24 at 12:00 p.m. Eastern Time (12:00 p.m. Beijing time on July 24). USTR said that as the 10% global tariff lapses, the additional tariffs will apply to 60 economies and cover more than 99% of U.S. trade.
Senior U.S. officials added that rules for goods already in transit will take effect at 12:01 a.m. Eastern Time on July 28 (12:01 p.m. Beijing time on July 28).
Fuel, food and fertilizer imports will be exempt. Products already subject to separate industry-specific tariffs—including automobiles, metals and pharmaceuticals—are excluded, as are goods covered under the United States–Mexico–Canada Agreement (USMCA).
U.S. officials said the new tariffs will not be applied on top of existing steel and aluminum duties, referring to the Section 232 tariffs introduced by former President Donald Trump last year on national-security grounds.
