US threatens new tariff offensive against 60 countries

Published:

US threatens new tariff offensive against 60 countries
Photo: Aaron Favila AP/TT

The move is an attempt by President Donald Trump to rebuild the tariff wall that the US Supreme Court invalidated last year.

The EU, Canada, Mexico, the UK and Taiwan face a lower tariff rate of 10 percent, according to a statement from the Office of the US Trade Representative (USTR).

At the same time, products from China, India, Japan, South Korea, Brazil and Switzerland face a higher tariff rate of 12.5 percent.

The tariffs are based on investigations under Section 301 of a 1974 US trade law.

“This has huge implications because Section 301 is an extremely powerful tool that is unlikely to be dismantled. It has now opened the door to a whole new range of tariff adjustments and non-tariff measures,” Deborah Elms, trade policy director at the Hinrich Foundation in Singapore, told Bloomberg.

Loading related articles...

Tags

Author

TT News AgencyT
By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

Keep reading

Loading related posts...