The U.S.Trade Representative on Thursday announced a wave of tariffs on dozens of countries in order to replace President Donald Trump’s temporary 10% tariff, which expires at midnight eastern time.Subscribe to read this story ad-freeGet unlimited access to ad-free articles and exclusive content.Sixty different trading partners, including all of America’s most important, will face tariffs of 10% to 12.5%, according to a fact sheet.
Those new duties will take effect at 12:01 a.m.ET on Friday morning.Some of the trading partners facing a 10% tariff include Canada, Mexico, India and the United Kingdom.
The U.K.tariff closely mirrors a deal that Trump and then-Prime Minister Keir Starmer reached last year to lower tariffs on U.K.
imports to the U.S.to 10%.Taiwan and the European Union, which is the largest single U.S.
trading parter, will face a 12.5% tariff rate.The new rate announced Thursday appears to lower the 15% cap previously agreed upon by Trump and European Commission President Ursula von der Leyen in 2025.The U.S.
Trade Representative’s office said it had carried out months-long investigations into the trading practices of other countries in order to impose these tariffs.The wave of levies will be enacted under Section 301 of the Trade Act of 1974, a different statute than how most tariffs have previously been authorized.In February, the Supreme Court struck down most of Trump’s tariffs that were imposed under the International Emergency Economic Powers Act.
The high court ruled that the Trump administration exceeded its authority.Under the statute, the administration says that it found that these 60 economics have failed “to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.”Key trading partners, such as the European Union, strongly rejected that accusation even before Thursday’s final determination was issued.“The United States has had a forced labor import ban for nearly a century, and...