U.S. Sets 10%–12.5% Tariffs on Imports From 60 Economies
AI Market Summary
The USTR announced new 10%–12.5% Section 301 tariffs on 60 economies covering over 99% of U.S. trade, replacing an expiring global tariff regime, with limited exemptions (fuel/food/fertilizer, industry-specific regimes, USMCA) and timing provisions for goods in transit. The move raises trade-policy uncertainty and risks supply-chain cost pressures, likely tightening global financial conditions and supporting defensive positioning in FX and rates-sensitive assets.
Impact level
● High
Affected assets
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AI Insight · NCSIDXY2USD/USDTAI Insight
▼ Bearish
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Odaily Planet Daily reports that on the 23rd local time, the Office of the U.S. Trade Representative (USTR) said it will levy additional tariffs of 10% to 12.5% on imports from dozens of countries and regions under Section 301 of the Trade Act of 1974, citing "forced labor". The move replaces a global import tariff that was set to expire.
The new rates take effect at 12:00 p.m. Eastern Time on the 24th (12:00 p.m. Beijing Time on the 24th). USTR said that as the 10% global tariff lapses, the U.S. will apply tariffs to 60 economies covering more than 99% of total U.S. trade volume.
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).
Exemptions include imports such as fuel, food and fertilizer. Products already subject to separate industry-specific tariffs, including autos, metals and pharmaceuticals, are excluded. Goods covered under the United States-Mexico-Canada Agreement (USMCA) are also exempt.
U.S. officials said the new tariffs will not be stacked on top of existing steel and aluminum import duties, referring to the Section 232 tariffs imposed last year on national security grounds. (Jinshi)
