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Trump to slap 'sweeping' new tariffs on 60 trade partners
CNBC • • general
Key Points:
- The Trump administration will impose new tariffs ranging from 10% to 12.5% on imports from 60 countries starting just after midnight ET Friday, targeting alleged forced-labor violations.
- These tariffs will replace the temporary 10% global tariffs set to expire simultaneously and will cover 99.4% of U.S. trade, according to the U.S. Trade Representative's office.
- The administration described the move as the most extensive international labor rights action ever taken by the U.S. or any country, and clarified that these tariffs will not add on top of existing steel and aluminum import taxes.
- This action marks a renewed escalation in the Trump administration's use of tariffs following recent legal setbacks, with additional high tariffs recently imposed on imports from Brazil and Canada.
- The tariffs are being implemented under Section 301 of the Trade Act of 1974 after investigations found targeted countries failed to ban forced-labor practices in trade with the U.S.
